Description
Title: From a Recession to the COVID-19 Pandemic: A Comparison of UK and India’s Inflation and Unemployment
Abstract: Due to the effects of new policy initiatives, the recession reached its peak in both India and the UK in 2017. The COVID-19 pandemic outbreak at the start of 2020 exacerbated the crisis and resulted in a sharp decline in output and total demand. To combat the economic crisis, India and the UK have turned to monetary and fiscal stimulus packages. This study looked at the relationship between inflation and unemployment in India and the UK during the COVID-19 era and the recession. The findings of this study showed that stagflation had replaced the recession in India using a generalized additive model (GAM). In contrast, it has resulted in a more severe short-term recession in the UK. Policy decisions made during a downturn worsen the recession, which eventually leads to stagflation in India due to inflation brought on by a weak supply side. However, in the UK, due to decreased demand, the policy changes made during this downturn pushed the economy into a deeper recession. Similar recessionary effects have been caused by the COVID-19 pandemic outbreak on both economies. To assist the economies in emerging from stagflation and an even deeper recession, a time horizon-based recovery plan is recommended. This framework might make it possible for decision-makers to select the most expedient recovery route.
Keywords: COVID-19; inflation; unemployment monetary policy; fiscal policy
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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