China’s gross domestic product (GDP) grew 4.9 percent in the third quarter ( July-September), according to statistics released by the country’s National Bureau of Statistics.
The International Monetary Fund (IMF) in its World Economic Outlook released in early September predicted that China’s GDP will grow 1.9 percent in 2020.
While the world is battling with the coronavirus pandemic, China has sustained its rebound from virus lockdowns and moving closer to pre-pandemic levels, official data showed, reported NDTV.
Economists have also highlighted the projection of other Asian countries.
According to the International Monetary Fund (IMF) GDP projection for the year, Bangladesh and India might be on recovery path while India may be the worst performing in Asia.
India with a projected GDP contraction of 10.3 percent and more than 83 COVID-19 related deaths per million, is at the bottom of a list that includes China, Bangladesh, Pakistan, Nepal and Sri Lanka, reported NDTV.
Kaushik Basu, former Chief Economic Adviser to the Union Finance Ministry, tweeted a data table that showed India’s GDP at the bottom of the 11 Asian nations, including China and said: “Even a few years ago none could have imagined India’s economy being where it is.”
Sounding a warning for the government, Basu said: “A part of this is caused by COVID, but only a part – see Table. Lessons: Don’t be in data denial. Mistakes happen – admit and take corrective action. Use the talent and expertise available in the country.”
Rahul Gandhi Takes Swipe at the Government
Not holding back, Congress leader Rahul Gandhi on Monday, 19 October, also took a swipe at the government for India’s falling GDP.
“How to completely destroy an economy and infect the maximum number of people really quickly,” Gandhi tweeted, along with the same data table cited by economist Kaushik Basu.
In August, the government reported a 23.9 percent contraction in its Gross Domestic Product (GDP) for the April-June quarter.
While Asian Development Bank (ADB) on 15 September, projected a 9 percent contraction of the Indian economy in the financial year 2020-21, revising its outlook within three months as the COVID situation continues.
However, as per the IMF report, India is likely to bounce back with an impressive 8.8 percent growth rate in 2021, thus regaining the position of the fastest-growing emerging economy.
(With inputs from NDTV)
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