stimulus measures once the cure to Covid-19 is found, the report adds.
High-frequency indicators so far pointed to a “retrenchment in activity that is unprecedented in history,” the annual report said, adding, “the improvements that became visible in May and June after the lockdown was eased in several parts of the country, appear to have lost strength in July and August, mainly due to reimposition or stricter imposition of lockdowns, suggesting that contraction in economic activity will likely prolong into the second quarter.”
The central bank noted that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-pandemic momentum.
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