Synopsis
The reality is that once you’ve plumbed the depths (Q1 GDP contracted 23.9%), there’s only one way to go: up. Partial lifting of the lockdown in Q2 was bound to see the economy do much better — in comparison. Never mind that the second consecutive quarter decline in GDP takes us formally into recession for the first time in living memory.
It is a measure of the strange times in which we live that a 7.5% contraction in the country’s GDP during Q2 should be greeted with relief, bordering on joy. Remember, it was not so long ago (2017-18) that we were not satisfied with 7.2% growth and dreamed of growing at double digits. Whatever happened? Agreed, Covid-19 happened. But the inescapable fact is that the economy had slowed down earlier. Covid only exacerbated matters.The reality is
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