Hit hard by Covid-19 lockdown, economy on firm path of fragile recovery

Though the first case of Covid was detected at the end of January last year, the impact on the economy began to be felt towards the end of March, when the first nationwide lockdown was announced

One could interpret data in different ways. One may say that gross domestic product (GDP) contracted an unprecedented 23.9 per cent in the first quarter and 7.5 per cent in the second quarter, plunging the economy into a recession for the first time in its independent history as Covid-induced lockdowns hit hard.

On the other hand, one could also argue the economy did not decline in double digits in the second quarter as was expected after the first-quarter numbers were released, giving a glimmer of hope that a recovery is in the process.

The first Advance Estimates predicted the economic