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International Monetary Fund (IMF) Chief Economist Gita Gopinath confirmed on September 2, India’s economy contracted 25.6% quarter-on-quarter (QoQ) in the April-June period.

Key quotes

“In #GreatLockdown Q2 2020 GDP growth at historical lows.

Graph puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualized.

Should expect rebounds in Q3 but 2020 overall will see major contractions. China recovers strongly in Q2 after a collapse in Q1.”

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Meanwhile, the Indian government official data showed that the country’s GDP slumped 23.9% in the Q1FY21.

Related reads

  • USD/INR Price News: Bullish bets on Indian rupee rise to three-year highs – Reuters poll
  • USD/INR: Excessive Indian rupee gains unlikely – MUFG

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