Gita Gopinath Validates India’s GDP Plunged Most Among G20 Nations; China Posts Growth

On Wednesday, Gita Gopinath, IMF's chief economist in a tweet shared a graph which suggests India's GDP contraction may be the highest among G-20 nations at 25.6% for the quarter ended June of FY21 as against the earlier quarter.

Gita Gopinath Validates India’s GDP Plunged Most Among G20 Nations; China Posts Growth

Besides the graph she also said, "In #GreatLockdown Q2 (June quarter) 2020 GDP growth at historical lows. Graph puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualised. Should expect rebounds in Q3 (September quarter) but 2020 overall will see major contractions. China recovers strongly in Q2 after collapse in Q1 (March quarter)."

In the graph, all countries have been depicted to contract on economic growth except China that posted robust growth of 12.3% in comparison to March quarter on a non-annualised basis. The UK is the second most impacted after India with economic growth dwindling by 20.4% and US posted a slump in GDP by nearly 9.1% on a quarter on quarter basis.

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