The Indian economy has contracted by nearly 24 percent in the first quarter as COVID-19 took a toll but it could be the bottom for GDP data in India, said Bank Julius Baer & Co's Mark Matthews. Speaking with CNBC-TV18, Matthews said high-frequency data shows a significant improvement in July and August over May and June.

Share Market Live

NSE

Sharing his views and outlook, he said, "I think it was the bottom for gross domestic product (GDP) data in India. That was the average for three months but high-frequency data already tells us that there was a significant improvement in July and August over May and June. So we should look at it in the rear-view mirror as we always should with GDP, it is probably the most lagging indicator you can get,” he said.

“I think economic data is going to improve. I do think that the emerging markets and India continue to go up primarily driven by a weaker dollar,” he added.

Watch the video for more