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LATEST NEWS UPDATES | Fears of contraction, GDP data today will mark Covid effect & phase of recession -Aanchal Magazine

Fears of contraction, GDP data today will mark Covid effect & phase of recession -Aanchal Magazine

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published Published on Aug 31, 2020   modified Modified on Aug 31, 2020

-The Indian Express

With economic activity severely disrupted in the first two months of this fiscal, hit hard by a series of localised lockdowns and rising Covid-19 cases, GDP contraction for the first quarter is being pegged at an average 20 per cent by economists, with the de-growth range between 15.2 per cent and 25.5 per cent.

The April-June Gross Domestic Product (GDP) will mark India’s entry into a recessionary phase — with two consecutive quarters of GDP contraction, the trend is expected to continue in the July-September quarter as well.

With economic activity severely disrupted in the first two months of this fiscal, hit hard by a series of localised lockdowns and rising Covid-19 cases, GDP contraction for the first quarter is being pegged at an average 20 per cent by economists, with the de-growth range between 15.2 per cent and 25.5 per cent.

The National Statistical Office (NSO) will release data for April-June Monday which is expected to be the worst since India started reporting quarterly data in 1996. The UK economy has seen the biggest slump in June quarter GDP among the top 20 global economies, with a 21.7 per cent annual contraction in growth — its deepest recession on record.

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The Indian Express, 31 August, 2020, https://indianexpress.com/article/business/economy/fears-of-contraction-gdp-data-today-will-mark-covid-effect-phase-of-recession-6576808/


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