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Goldman Sachs: India's economy will shrink 45% this quarter and suffer a brutal recession this year

Goldman Sachs: India's economy will shrink 45% this quarter and suffer a brutal recession this year
Reuters



Goldman Sachs predicts the Indian economy will shrink by an annualized 45% this quarter as the coronavirus pandemic takes a heavy toll.




The bank's economists expect the nation's GDP to rebound 20% in the third quarter of the year, compared to the current quarter, as economic activity comes back.




Goldman forecasts a 5% drop in real GDP this fiscal year, marking India's most severe recession since 1979.




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Goldman Sachs predicts the Indian economy will shrink by 45% on an annualized basis this quarter, and suffer its most severe recession since 1979 this fiscal year, as the coronavirus pandemic wreaks havoc on many of its industries.
The banking giant's latest quarterly growth forecast, detailed in a May 17 note, is significantly worse than its previous estimate of a 20% decline. More positively, its economists expect the Indian economy to rebound 20% in the third quarter, compared to the current quarter. They then anticipate 14% growthe in the fourth quarter and 6.5% growth in the first quarter of 2021.
Overall, Goldman's forecasts suggest India's GDP will slump 5% this fiscal year, which would be its steepest contraction since 1979.
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