Although India’s economic activity has come to an abrupt halt due to the coronavirus lockdown, it is estimated that India will still witness the fastest growth among all the G20 economies.
Recently Moody slashed India’s growth rate estimate from 6% to 2.5% for the year 2020. But when compared to other major economies, there is a lot to cheer about for India.
In the same financial year, China and Indonesia are expected to grow at just 1 percent while the European countries are set to see even bigger contraction.
Italy will see negative growth of 7.1 percent. Similarly, Germany (-6.8 percent), Argentina (-6.7 percent), Brazil (-5.5 percent), Mexico (-5.4 percent), France (-5 percent), Saudi Arabia (-5 percent), and UK (-5 percent) are all expected to see their GDP contract. The United States will see the least contraction at -2.2 percent.
When compared to other major economies, India seems to deal with the crisis quite well and may even come out stronger.
