Lockdown extension: Economic growth will be zero for CY2020, says Barclays

The brokerage had said earlier that the three-week lockdown would likely to have an economic cost of $120 billion which is now estimated to balloon up to $234.4 billion

Extension of the nationwide lockdown till May 3 will inflict an economic loss of $234.4 billion, and result in stagnant GDP for calendar year 2020, a British brokerage said on Tuesday.

The economic growth will be zero for calendar year 2020 and when seen from a fiscal year perspective, will rise 0.8 per cent in 2021, brokerage Barclays said in a note.

Prime Minister Narendra Modi extended the three-week lockdown ending Tuesday till May 3, citing the need to arrest the growth in coronavirus infections. He did hint at relaxations in unaffected areas starting from April 20, but added that