India's July-Sept GDP contracts 7.5%, 'technical recession' confirmed
Business | November 27, 2020 18:35 ISTThe GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crore.
The GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crore.
India has technically entered into a recession with a likely contraction in its GDP during the July-September period, according to a report by the Reserve Bank of India (RBI).
The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries.
The number of laid-off workers applying for unemployment aid fell below 1 million last week for the first time since the pandemic intensified five months ago yet still remains at a high level.
The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic.
Moody's Investors Service on Thursday said the coronavirus-triggered global recession will continue to put pressure on non-financial companies in Asia-Pacific, and negative credit trends will persist through the rest of 2020.
The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said on Monday.
The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report. According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.
Qatar's economy is hit by the coronavirus pandemic but the FIFA World Cup organizers assure an 'affordable' tournament for fans.
The German economy shrank by 2.2% in the first quarter compared with the previous three-month period as shutdowns in the country and beyond started to bite, official data showed Friday. That means Europe's biggest economy went into recession following a small dip at the end of last year.
The UK faces a "significant recession", Chancellor of the Exchequer Rishi Sunak has warned after figures showed the country's economy shrank by 2 per cent in the first three months of the year due to the impact of the coronavirus-induced economic lockdown.
The U.S. unemployment rate hit 14.7% in April, a level last seen during the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record — stark evidence of how the coronavirus has brought the economy to its knees.
Inmates of the Jalpaiguri Central Correctional Home on Saturday staged a violent protest and threw bricks at the police quarters demanding they be released forthwith as per a Supreme Court order amidst the COVID-19 pandemic in India.
Reserve Bank of India (RBI) Governor, Shaktikanta Das said that according to International Monetary Fund (IMF) the global economy is expected to plunge into the worst recession since 'The Great Depression'.
The IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic that has nearly stalled all economic activities across the world.
Telangana Chief Minister K. Chandrashekhar Rao on Saturday urged Prime Minister Narendra Modi to announce Rs 10.15 lakh crore Quantitative Easing to counter what he called the impending recession.
More than 60 U.N. agencies and international organizations urged governments on Thursday to take immediate steps to address the unfolding global recession and financial crisis wrought by the coronavirus pandemic, especially in the world’s poorest countries. The body has urged respective governments to scrap debt payment in the current scenario.
To accommodate this surge, the IMF is deploying total financial capacity of $1 trillion, Georgieva said, emphasising that "we are determined to use as much as necessary in protecting the economy."
At a time when every country is fearing what will happen to the economy once the world is over coronavirus pandemic, the United Nations in a report has said that India and China's economy may not get affected when the world economy goes into recession.
International Monetary Fund (IMF) Chief Kristalina Georgieva has said that thanks to the coronavirus, the world is entering a recession that will be worse than that of 2009. While addressing an online press briefing, Georgieva said that with the 'sudden stop' of the global economy, revival will take a massive fund of $2.5 trillion.
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