“The prospect of an effective vaccine in the near future and high seroprevalence of antibodies across the population support the case for a more durable economic recovery,” Barclays said in a note. The brokerage, however, revised down its GDP forecast for the current fiscal year to negative 6.4% from negative 6%. It expects GDP to fall by 8.5% in the second quarter of the current fiscal year, almost in line with the Indian central bank’s forecast. Barclays said on Thursday it expects growth in GDP will resume in the third quarter of the current financial year, a quarter earlier than the RBI’s projection. Last month, a Reuters poll showed the Indian economy would rebound by 9.0% in fiscal 2022, after suffering its deepest contraction on record this fiscal year.

Source: Dhaka Tribune November 19, 2020 16:30 UTC