Malaysia is one of Asia's biggest employers of foreign labour. But recently, cases of deaths, abuse and forced labour have come to light. What is going on? Who is protecting these migrant workers?
London (CNN Business)India’s economy contracted at the quickest pace on record in the second quarter, as lockdowns that were imposed to help control the spread of coronavirus decimated consumer spending and investment.
The economy shrank 23.9% in the three months ending in June, compared with the previous year, according to official statistics released on Monday. The slump in the world’s fifth-largest economy was worse than economists expected, and one of the most severe contractions of any nation as a result of the pandemic.
Investment collapsed by 47% compared with the previous year, while household consumption contracted by nearly 27%, according to Capital Economics. Government consumption increased by 16%, but that wasn’t enough to offset the sharp decline in activity in other sectors.
Shilan Shah of Capital Economics said the second quarter should mark the low point for India’s economy, but there are signs the recovery could be very slow even though lockdown measures have been eased. A key measure of manufacturing activity edged lower in July, and output from infrastructure industries remains depressed.
“The continued rapid spread of the coronavirus will dampen domestic demand,” said Shah. “What’s more, the underwhelming fiscal response to the crisis will guarantee a legacy of higher unemployment, firm failures and an impaired banking sector that will weigh heavily on investment and consumption.”
Source : https://edition.cnn.com/…/india-economy-gdp-rece…/index.html
Address: Wisma MTUC,10-5, Jalan USJ 9/5T, 47620 Subang Jaya,Selangor | Tel: 03-80242953 | Fax: 03-80243225 | Email: sgmtuc@gmail.com.com