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