India’s Economy Was Battered by Covid
A news article from the New York Times (Sept 1, 2021)
Economists predict that growth in India could surge int he second half of the year, on paper. Still, the damage form the pandemic could take years to undo.
Economic output was 9.2 percent lower for the April-through-June period this year than what it was for the same period in 2019, before the pandemic struck, according to India Ratings, a credit ratings agency. Since then, millions of people have lost their jobs.
This year has seen improvements from last year’s shutdowns: The gross domestic product rose by 20 percent April through June, according to government estimates released late Tuesday.
But economists are particularly concerned about the slow rate of vaccinations and the possibility of a third virus wave, which could be disastrous for any economic recovery.
Summary: The coronavirus has essentially robbed India of much of the momentum it needed to provide jobs for its young and fast-growing work force. Pressure is growing on Prime Minister Narendra Modi to get the country back to work.