Economists at Standard Chartered Bank use high-frequency indicators to gauge the impact of coronavirus and the three week lockdown on India’s economy, given the lack of broader macroeconomic data.
Key quotes
“Levels of air pollutant carbon monoxide (CO) have declined to the lowest since 2018.”
“Demand for currency has increased to one of the highest levels seen in the month of March. While higher demand for currency usually indicates increased economic activity, cash withdrawals under the current circumstances are probably a precautionary measure, rather than for spending.”
“According to Google’s COVID-19 community mobility reports, physical visits to retail stores, pharmacies, recreation centres, workplaces and transit stations have declined by 55-75% relative to the base period of 3 January-20 February.”
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