The economy has gone through a sharp decline, with the extreme lockdown of March 2020, followed by a recovery, a second wave, and then a second recovery. The first recovery had proceeded for 245–322 days while the second recovery has been in motion for 50–78 days. The second downturn was milder than the first one. Conditions today are not yet as good as they were at the peak of the first recovery and, of course, are much worse than pre-pandemic conditions.
Exports are the most important source of demand buoyancy in the economy today. However, May 2021 was weak when compared with April 2021.
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