India’s Second-Quarter Collapse Was the Worst

The Indian economy actually suffered the greatest contraction of any major nation in the second quarter, at least as measured by GDP. According to former Reserve Bank of India Governor Raghuram Rajan wrote on his LinkedIn page, reported PTI: “The 23.9% contraction in India (and the numbers will probably be worse when we get estimates of the damage in the informal sector) compares with a drop of 12.4% in Italy and 9.5% in the United States, two of the most COVID-19-affected advanced countries.”