According to official data, India's GDP declined 23.9 percent in the Q1FY21, as the economy reeled under the impact of the COVID-19 outbreak and a stringent lockdown.
India's gross domestic product (GDP) shrunk 25.6 percent quarter-on quarter (QoQ) in the April-June period, International Monetary Fund (IMF) chief economist Gita Gopinath confirmed on September 2.
India saw the sharpest economic contraction among the G20 economies, according to the graph tweeted by Gopinath.
According to official data, India's GDP declined 23.9 percent in the Q1FY21, as the economy reeled under the impact of the COVID-19 outbreak and a stringent lockdown. This was the worst contraction recorded by the Indian economy in decades.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 collapse in Q1. pic.twitter.com/OcgaZsrAD6
— Gita Gopinath (@GitaGopinath) September 2, 2020
Gopinath shared a graph that indicated GDP growth of G20 countries in the second quarter of 2020, when most countries had halted economic activity.
She said that while some rebound can be expected in the July-September quarter, 2020 overall will see major contractions.
Also read: Q1 GDP shrinks | How long will the free fall last?
Among the countries listed on the graph, China was the only one that recorded economic growth, after contracting in Q1.
Countries such as the UK, Japan and Australia have already slipped into recession, which is defined as two successive quarters of GDP contraction.