Economists have predicted that India will face its worst recession ever as the country announced another nationwide lockdown extension. India’s economy is forecasted to contract 45% in the second quarter following the Rs 20 lakh crore coronavirus relief stimulus package which some economists call “aimless” and a “lost opportunity.”
Economists Predict Worst Recession Ever for India
Two leading global investment management firms, Goldman Sachs and Bernstein, have predicted that “India will experience its deepest recession ever,” according to reports. The forecasts came as the Indian government extended the country’s nationwide lockdown until May 31 while easing some restrictions to boost economic activity during the coronavirus crisis. India’s lockdown was introduced on March 25 and has been extended several times.
Goldman Sachs India Securities’ chief economist Prachi Mishra and chief Asia economist Andrew Tilton estimated in a report dated May 17 that India’s gross domestic product (GDP) will contract by an annualized 45% in the…