The COVID-19 pandemic has disrupted normal economic activity across the world, leading to expectations of a historic decline in global growth in 2020.

Data compiled by Standard Chartered shows that in a base case scenario, the global economy is likely to see a contraction of 2.3 percent -- that will be the fourth-worst decline since 1900.

Where are we headed from here? EY expects the recovery from this crisis to be "saw-toothed" -- it believes the recovery will come with varying rates of growth for sectors and geographies and will be marked by periods of acceleration offset by setbacks.

Where does India stand in this crisis? According to data compiled by SBI, though there are signs of some pickup in economic activity, the recovery is going to be slow and gradual. This as credit outstanding to districts of the top five states, which are worst affected due to COVID, is 60 percent of the total outstanding credit.

To discuss India's road to recovery, Shereen Bhan spoke to Rajnish Kumar Chairman of State Bank of India, Sanjiv Mehta CMD of Hindustan Unilever, Zarin Daruwala CEO of Standard Chartered Bank, Carmine Di Sibio Global Chairman & CEO of EY, Rahul Agarwal MD & CEO of Lenovo India, Kunal Shah Founder & CEO of CRED and GV Prasad Co-Chairman & MD of Dr Reddy's Laboratories.

First Published:May 25, 2020 8:13 PM IST