International Monetary Fund’s chief economist Gita Gopinath on Wednesday tweeted a graph suggesting India’s gross domestic product (GDP) may have shrunk the most among G-20 countries in the April-June quarter, at 25.6%, when compared with the previous 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
In her tweet, accompanying the graph, Gopinath 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).”
The chart shows all countries except China registering GDP contraction. While China’s economy is shown to have expanded by a robust 12.3 per cent over the March quarter on a non-annualised basis, the UK is the most affected after India, with a GDP contraction of 20.4 per cent. The US economy is shown to have shrunk 9.1 per cent on a quarterly basis.