ECONOMIC RESILIENCE OF G20 COUNTRIES DURING COVID-19 PANDEMIC AND THE IMPACT OF RESILIENCE ON THEIR ECONOMIC GROWTH

This paper is an effort to understand the aftermath of global health crisis that unleashed economic turbulence, the world over, due to COVID-19. A pandemic of such huge dimension and consequences not only caught everyone unaware but the epitome of science and medicine advancement also could not lessen the speedily advancing health hazards. All countries had to put in Herculean efforts to overcome this crisis but India being the most populous had to face a humongous task. Initially the challenge was how one can resist the economic shock and later it was how fast one can overcome the crisis. This paper compares the performance of Indian economy with some prominent G20 countries with respect to unemployment rate, growth rates, foreign direct investment and economic inequality. We compare 2019, considered as normal year with 2020, the hardest hit year due to Covid 19. We have also tried to explore the resilience index of all G20 countries, by calculating both the resistance index and the recovery index of the crisis. Finally, we explore the impact of resilience index along with household consumption expenditure, capital formation and exports on the growth rate of real Gross domestic product of G20 countries. We adopt an econometric approach, using multiple linear regression for analysis. Based on our analysis, appropriate proposals have been formulated for future course of actions that will enhance the future economic prosperity of G20 countries.