Updated November 17th, 2020 at 12:57 IST
No India in IMF chief economist Gita Gopinath's GDP analysis? Netizens raise questions
IMF's Gita Gopinath said that positive vaccine news raises hopes but "still a ways to go." She shared GDP data from eight countries but missed India's numbers
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Days after Pfizer announced that its COVID-19 vaccine was more than 90% effective, Moderna on Monday said its vaccine was 94.5% effective in a preliminary analysis. Soon after, IMF chief economist Gita Gopinath said that positive vaccine news raises hopes but "still a ways to go." Taking to Twitter, Gopinath shared a graph showing GDP growth of eight counties in the third quarter of 2020 and said that they are yet to return to pre-pandemic levels, with exception of China. She added that "significant gap" remains as pandemic surges.
Positive vaccine news raises hopes but still a ways to go. As of 3rd quarter of 2020 GDP yet to return to pre-pandemic levels, with exception of China (+3.5%). Significant gaps remain as pandemic surges. US -3.5%, Germany -4.2%; France -4.1%; Spain -9.1%, Italy -4.5%. pic.twitter.com/MrfqKYl7wC
— Gita Gopinath (@GitaGopinath)
The graph mentioned countries like the United States, Germany, France, Spain, Italy, Korea, Mexico and China. However, several netizens were quick to notice the absence of numbers from India - a bigger and more influential economy than some others in the list - in the data shared by Gopinath, whereas a few also pointed out at the authenticity of the Chinese data.
'Professor what about India?': Netizens to Gita Gopinath
Wt about india?
— Dhiraj (@dhirajpd)
Professor what about India?
— Kanv Gupta (@KanvGupta)
Should we expect pre pandemic levels in Q1 of 21’?
About India's economy
— Mukesh Meena (@MukeshM46265694)
For next quarter
what about india mam?
— prakhar srivastava (@prakhar70242377)
'Do you trust data shared by Chinese?'
DD, You Trust Chinese Data?
— Zalzala (@JayJala2)
Do you guys validate China data or just go by whatever they says ?
— sooraj nadarajan (@soorajnr2008)
Last week, Union Finance Minister Nirmala Sitharaman said that the Reserve Bank of India (RBI) has predicted a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21. "RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast," Sitharaman said at a press conference. Moody's Investors Service has also revised upwards its GDP forecast for India to - 8.9% contraction in the 2020 calendar year, as the economy reflates after a long and strict nationwide lockdown but added the recovery is patchy.
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India's economy had the biggest contraction, 24% year-over-year in the second quarter, as a result of a long and strict nationwide lockdown. In October, the Reserve Bank of India (RBI) projected Gross Domestic Product (GDP) contracting by 9.5% in the current financial year amid disruptions caused by Coronavirus pandemic which may turn positive in the last quarter (January to March).
"The Indian economy is entering into a decisive phase in the fight against Coronavirus. For the year 2020-21 as a whole, real GDP is expected to decline by 9.5% with risks tilted to the downside," said RBI Governor Shaktikanta Das. "If, however, the current momentum of upturn gains ground, a faster and stronger rebound is eminently feasible. Barring the incidence of a second wave, India stands poised to shrug off the deathly grip of the virus and renew its tryst with its pre-COVID growth trajectory," he added.
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Published November 17th, 2020 at 12:57 IST