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India GDP forecast: Goldman Sachs expects deeper trough in CY20, but sharp rebound in Q2CY21

India’s real GDP growth fell to -23.9 percent year-on-year (YoY) in Q2CY20 against 3.1 percent YoY in Q1CY20.

September 09, 2020 / 06:30 PM IST

The Indian economy is expected to climb from a deeper trough in the calendar year 2020 (CY20) and see a stronger rebound in the year 2021, according to global financial firm Goldman Sachs.

"While the economy must now climb out of a deeper trough in 2020, we have upgraded our expectations of a rebound next year," Goldman Sachs said in a report.

In the second quarter of the year 2021, Goldman expects real GDP growth to bounce back sharply on a year-over-year basis due to favourable base effects.

"Assuming nearly 70 percent of the lost output in June 2020 is recovered in June 2021, we expect real GDP in the second quarter of 2021 at +27.1 percent YoY," Goldman said.