India’s GDP Contracts By 23.9% For The First Time In 40 Years
While the news media is obsessed with every detail of Sushant Singh Rajput and Rhea Chakraborty’s life, what they’re not broadcasting as much as the fact that our coronavirus numbers are out of control that India’s GDP contracted 23.9 percent in the April-June period.
This is the worst the GDP has been since 1996 and also the worst among all Asian economies.
This new data marks the likely onset of the deepest recession to ever hit India and is expected to run through the second half of this fiscal year.
Naturally, the nationwide lockdown has played a huge role in this contraction in India’s GDP. The lockdowns, imposed due to the COVID-19 pandemic have led to thousands of job losses and devastated and already staggering economy.