India’s economy could see a stronger rebound during the three months to September, following a deeper downturn in the April to June period, according to economists at Goldman Sachs.
A stronger rebound of 20% is now seen for the third quarter. The investment bank has left projections for the fourth quarter and first of next year unchanged at 14% and 6.5%, respectively.
However, the gross domestic product is now seen contracting by an annualized 45% in the second quarter versus the previous forecast of a 20% drop. The downward revision of the growth forecast could be associated with India’s decision to extend its nationwide lockdown until May 31.
While the number of coronavirus cases in India continues to rise with more than 91,300 infections, including 2,897 deaths as of Sunday, experts are of the opinion that the two-month-long lockdown has saved India from a lot of agony.
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