Indian economy eyes double-digit plunge as coronavirus cases top 5 million – Bloomberg survey

Dhwani Mehta FXStreet

With coronavirus cases topping five million, the latest Bloomberg survey of economists suggests diminishing prospects of India’s economic recovery.

Key takeaways

“Goldman Sachs Group Inc. now estimates a 14.8% contraction in the gross domestic product (GDP) for the year through March 2021.”

“The Organization for Economic Co-operation and Development (OECD) sees the economy shrinking by 10.2%.”

“We expect a 10.6% contraction in fiscal 2021, rebound in 2022, and slower path for growth as scars from the virus recession drag on the remaining years of the decade,” Bloomberg economists noted.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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