India: COVID-19 and Economic Contraction

The virus is now affecting densely populated cities as well as rural communities in India.

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India | COVID-19 and Economic Contraction
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As the number of confirmed cases of COVID-19 in India soars, the country’s economy is taking a severe blow. It contracted by 24 percent year over year in the second quarter when lockdown measures were imposed, forcing businesses to close and putting millions out of work. Between April and June, private consumption fell by 27 percent year over year and investment dropped by a staggering 47.5 percent. But it seems the measures didn’t stop the spread of the disease; on Saturday, India became the third country in the world to register 4 million COVID-19 cases.