The country’s real gross domestic product (GDP) is now estimated to contract 10.9 per cent in financial year 2020-21, State Bank of India (SBI) said in a report on Thursday. The annual GDP contraction was estimated at 6.8 per cent previously, the country’s largest lender said in its Ecowrap report. The downward revision in its annual forecast for the economy comes days after official data showed the country’s GDP contracted 23.9 per cent in the quarter ended June 30, in its worst performance on record.
SBI expects the real GDP to decline in the range of 12-15 per cent in the second quarter (July-September), and 5-10 per cent in the following quarter (October-December), according to the report.
