India's GDP growth to lose momentum from late third quarter: Oxford Economics report
Published On: Wednesday, July 29, 2020 | By: Team KnowMyStock
Oxford Economics, a Global forecasting firm, yesterday (28th July 2020) said it expects India's GDP growth to lose momentum from the late third quarter (October-December) of the current fiscal as the push from the initial reopening fades. It further said India fares the worst in its Asia recovery scorecard, implying that the country will likely take the longest among major economies to converge to its pre-coronavirus growth level. Oxford Economics, in a report titled 'India: A reopening went wrong', said the central government's attempts to restart the economy are already running aground. "In our baseline, we expect GDP growth to lose momentum from late Q3 on, once the push from the initial reopening fades and, likely compounded by the ongoing pandemic and inadequate policy support, legacy economic headwinds re-assert themselves.
"The risk clearly is that proactive steps by state governments, especially the richer ones, to stem the spread of the virus bring the tipping point forward," it said. India's economic growth stood at 4.2 percent in 2019- 20. Growth projections for the current year by various global and domestic agencies indicate a sharp contraction, ranging from (-) 3.2 percent to (-) 9.5 percent.
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