Economics
India Posts Worst GDP Slump of Major Nations as Virus Spikes
- Economy on track for first annual contraction in four decades
- India is now becoming epicenter of coronavirus infections
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India’s economy posted the biggest contraction among major economies last quarter, with a recent surge in coronavirus infections weighing on the outlook for any recovery.
Gross domestic product shrank 23.9% in the three months to June from a year earlier, the Statistics Ministry said in a report Monday. That’s the sharpest decline since the nation started publishing quarterly figures in 1996, and was worse than any of the world’s biggest economies tracked by Bloomberg. The median estimate in a survey of economists was for an 18% contraction.