Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

India's GDP Shows Covid-19 Has Stranglehold on One of World's Largest Economies

11/27/2020 | 07:31am EST

By Eric Bellman

NEW DELHI--The coronavirus pandemic has strangled one of the most powerful engines of economic growth in the world: India's 1.3 billion consumers.

The country's gross domestic product shrank 7.5% last quarter compared to a year earlier, India announced Friday, as Covid-19 has transformed the world's fastest growing economy into one of the world's fastest contracting.

With more than 9.3 million people infected and 135,000 killed by the virus, India has been one of the world's hardest hit by the pandemic. Even after the South Asian nation started ending the world's largest lockdown in stages from May, people have been staying home, conserving their rupees and riding out the storm.

India's economy has been hammered by the pandemic, with the latest GDP data marking the first time in decades that the country's growth has contracted for two consecutive quarters.

By contrast, in the most recent quarter, the U.S. economy contracted 2.9% year-over-year, while China's economy grew 4.9%.

--Vibhuti Agarwal contributed to this article.

Write to Eric Bellman at eric.bellman@wsj.com

(END) Dow Jones Newswires

11-27-20 0731ET

Latest news "Economy & Forex"
02:34pVeolia says that the 29.9% it owns in suez's capital is not and will not be for sale - statement
RE
01:58pFrance reports 16,642 new confirmed covid-19 cases in past 24 hours, from 21,406 on saturday - public health authority
RE
01:56pFrance reports 141 new coronavirus deaths on sunday - health authority
RE
01:56pEXCLUSIVE : Trump slams China's Huawei, halting shipments from Intel, others - sources
RE
01:49pCoronavirus - france has vaccinated 422,127 people, up from 413,046 0n saturday - bfm tv citing health ministry
RE
01:39pCanada's ambassador to U.S. shares most Biden priorities, worries about his 'buy America' policy
RE
01:39pSuez ceo says potential offer from ardian/gip does not create uncertainties over jobs or raise antitrust problems, unlike veolia’s bid
RE
01:36pIMF INTERNATIONAL MONETARY FUND : Remarks by Managing Director on Green Recovery at CELAC
PU
01:35pU.S. CDC reports 394,495 deaths from the coronavirus
RE
01:27pSuez ceo says the company is convinced france is better off with two champions in the waste management and water sector instead of one
RE
Latest news "Economy & Forex"