Relatively Mild GDP Downgrades for India

India is having a surge in COVID cases and seems likely to surpass 300,000 cases per day. Cases are up 63% from the prior week.

This has reached a level that has hit the valuation of the Rupee, is triggering lockdowns and has some financial institutions downgrading GDP forecasts for this quarter and through 2022 for India. GDP estimates for April 2021-March 2022 were 12-13.5% are now 10-12%. These GDP growth levels are compared to the depressed levels from 2020.

Turkey, Iran, Germany and Columbia are among the places in the world that are also seeing surging cases.

The seven-day moving average for daily global covid cases is at its highest level. It surpassed the January, 2021 peak.

The US seven-day moving average has flattened. Vaccination, variants and other factors are currently canceling each other.

SOURCES- Worldometers, livemint
Written by Brian Wang,