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Finance Ministry’s Monthly Economic Review report has stated that the Indian Economy is witnessing a V-shaped recovery as the decline in the GDP has narrowed to 7.5% in the second quarter of 2020-21 from 23.9% in April-June quarter.
Facts:
- V-shaped recovery: It is characterized by a quick and sustained recovery in measures of economic performance after a sharp economic decline.
- Significance: Because of the speed of economic adjustment and recovery in macroeconomic performance, a V-shaped recovery is a best case scenario given the recession.
- Example: The recoveries that followed the recessions of 1920-21 and 1953 in the U.S. are examples of V-shaped recoveries.
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