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.
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 #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
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.