In the first quarter of fiscal year 2020-21, GDP contracted by 23·9 percent and in the second quarter, by 7·5 percent. The Economic Survey, 2020-21 preferred to call it a recovery in
[amp_mcq option1=”U-shape” option2=”V-shape” option3=”K-shape” option4=”W-shape” correct=”option2″]
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UPSC CAPF – 2022
– A V-shaped recovery is characterized by a rapid fall in economic activity followed by an equally rapid and sustained recovery. This pattern aligns with the data reflecting the impact of and recovery from the COVID-19 pandemic and associated lockdowns.
– Other shapes describe different recovery patterns: U-shape (prolonged slump before recovery), K-shape (different sectors/groups recover at different rates, widening inequality), W-shape (double-dip recession).