"gdp-contraction"

Noting that the COVID-19 crisis has wreaked havoc on labour markets in the developing world, the World Economic Situation and Prospects 2021, said that by mid-2020, unemployment rates had escalated to a record high 23 per cent in India.

The decline in the GDP narrowed to 7.5 per cent in the second quarter of this financial year, over 23.9 per cent in April-June quarter