Updates from the world of economy, markets, and finance
The next few days will see the release of various estimates regarding the economic cost of the nation-wide lockdown announced by the government last night. Here comes the first one from Barclays.
IANS reports: “Government’s stringent and aggressive move of a full three-week lockdown across the entire country to contain spread of novel coronavirus will much sharper impact on country’s GDP in the April -June quarter than what was previously anticipated, Barclays said in a research report finalised after Prime Minister Narendra Modi’s speech to the nation on Tuesday evening.
In view of the changed circumstances, the bank has shaved down its calendar year (CY) 2020 GDP forecast for India from earlier 4.5 per cent to 2.5 per cent now and FY20—21 forecast to 3.5 per cent from 5.2 per cent earlier.
But Barclays has also projected a recovery and rebound in CY 2021 with GDP growing by 8.2 per cent and 8.0 per cent in FY21—22.”
(This story has not been edited by Kashmir Today staff and is published from a syndicated feed.)