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

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.