The Economic Impact of COVID-19 and Responses in two BRIC Nations: Brazil and India

8 Pages Posted: 7 Jun 2024

See all articles by Kishore Kulkarni

Kishore Kulkarni

Metropolitan State University of Denver

Cheick Wague

University of South Stockholm

Nandakumar Warrier

Indian Institute of Management (IIM), Kozhikode, Students

Date Written: August 01, 2021

Abstract

This paper provides a fairly detailed description of the policies undertaken in Brazil and India, fraternity members in organization of four major nations, Brazil, Russia, India and China popularly called, BRIC, after the pandemic struck in 2020. Both the magnitudes and reach of the fiscal and liquidity-creating policies are discussed, with particular reference to the ameliorating effects on the informal and unorganized sectors of the economy. While ambitious in terms of magnitude even in international comparisons, the steps undertaken to offset the devastating effects of the COVID-19 tsunami on the weaker sections of society seem to have been inadequate or misdirected in both countries, Brazil being relatively more successful in this regard. However, financial markets have responded better to the Indian initiatives, perhaps influenced by the country's strong growth performance in recent years. In any case, as the pandemic has changed the whole nature of macroeconomy both countries have struggled to come back to the normalcy. It still remains to be seen if the road ahead is smother than before. Of course, future events will determine the future performances and it is important that we do not pretend to make strong forecasts.

Keywords: COVID-19 economic effects, India, Brazil Policy responses, pandemic, macro-economy

Suggested Citation

Kulkarni, Kishore and Wague, Cheick and Warrier, Nandakumar, The Economic Impact of COVID-19 and Responses in two BRIC Nations: Brazil and India (August 01, 2021). Available at SSRN: https://ssrn.com/abstract=4856545 or http://dx.doi.org/10.2139/ssrn.4856545

Kishore Kulkarni (Contact Author)

Metropolitan State University of Denver ( email )

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Cheick Wague

University of South Stockholm ( email )

Sodertorn, Stockholm
Sweden
Sweden

Nandakumar Warrier

Indian Institute of Management (IIM), Kozhikode, Students ( email )

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