The Impact of COVID-19 on the Automotive Industry
The Coronavirus pandemic has impacted the global economy severely, making it the worst recession in a century, according to the International Monetary Fund (IMF). With the IMF reporting a drop of 3% in the global GDP and the World Trade Organisation (WTO) indicating a 13-32% decline in global trade in 2020, countries on both sides of the aisle, both developed and developing, have scrambled to issue stimulus packages to keep their economies afloat.
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