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Economic hit will be there for a long time, says Raghuram Rajan


While markets reacted positively this week to promising news of potential coronavirus vaccines in development, a top economist warned that the economic hit from the pandemic will be here for a long time. 

A large number of small businesses that closed in March — when restrictions around social movements went into effect — are not going to reopen even when the situation improves, according to Raghuram Rajan, a professor of finance at the University of Chicago’s Booth School of Business.

“I think the hit is going to be with us for a long time,” Rajan, who was also the former governor at India’s central bank, told CNBC’s “Street Signs Asia” on Wednesday. 

“As this goes on, more and…


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