Real Gross Domestic Product (GDP) data for India and Brazil for the first quarter (Q1) of 2021 show a strong rebound in both economies after a contraction last year of 4.4 percent in Brazil and 7.1 percent in India, Moody’s Investors Service said on Monday.

Brazil's first-quarter GDP expanded 1.2 percent from the previous quarter and 2.3 percent from the first quarter 2020. India's first-quarter GDP rose 1.5 percent quarter on quarter and year on year. Therefore, in the first quarter of this year, Brazil's GDP reached and India's GDP surpassed their pre-Covid-19 fourth-quarter 2019 levels, said Moody's in its latest credit outlook report. Brazil's GDP growth beat Moody's forecast, leading it to upgrade GDP growth forecast to 4.9 percent in 2021 versus 3.3 percent previously. India's first-quarter GDP data suggests that the economy was rebounding strongly just before its second Covid-19 wave and renewed restrictions slowed economic activity in March and April. "We expect India's real GDP to grow about 9.6 percent in 2021 and 7 percent in 2022."

The economic outlook for both countries is quite uncertain due to the downside risks of possible third waves of coronavirus, Moody’s said.

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