Bank Julius Baer & Co will revise its gross domestic product (GDP) estimates for India to factor in the fresh lockdowns and restrictions being announced by states to fight the second wave of COVID-19.

"We will have to revise gross domestic product (GDP) estimate considering India’s COVID restrictions," said Mark Matthews of Bank Julius Baer & Co, on Monday.

Speaking in an interview to CNBC-TV18, he said, “Lockdowns are eminent and that will mean the GDP growth for India, which had been forecasted to be the best among countries that we cover this year -- we were looking for 9-10 percent -- will come down.”

“Everybody is expecting these cases to rise because the positivity rate is about 16 percent; so one in six people are testing COVID positive. The World Health Organization (WHO) generally recommends that if a positivity rate is above 5 percent then there should be lockdown,” Matthews said.

Talking about Asian markets, he said China probably has better buying opportunity now.

“If I have to choose one market in Asia to be a buyer of today it would be China and Hong Kong,” he said.

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(Edited by : Niral Sharma)