World Bank estimates India’s GDP to plunge 9.6% in 2020-21, sharper than June forecast of 3.2% contraction
NEW DELHI: India’s GDP is forecast to plunge in 2020-21 by 9.6% (revised down since June from a 3.2% drop), reflecting the impact of the national lockdown and the income shock experienced by households and small urban service firms, the World Bank said in its latest assessment.
Growth is forecast to return to 5.4% in FY22, assuming Covid-related restrictions are completely lifted by 2022, but mostly reflecting base effects, the report on South Asia unveiled by the bank on Thursday said.
The latest forecast from the World Bank is in line with the assessment of other economists, multilateral agencies and investment banks which have estimated the economy to shrink between 5% to 15% in the current fiscal year due to the impact of the strict lockdown imposed to ward off the spread of the deadly Covid-19 pandemic. India’s GDP contracted 23.4% in the June quarter, the sharpest fall among global economies but several key economic indicators have pointed to some recovery as the economy unlocks and several sectors open up for business.
The report said South Asia is set to plunge into its worst-ever recession as the devastating impacts of Covid-19 on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions into poverty.
The latest South Asia Economic Focus of the World Bank forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7% in 2020, after topping 6% annually in the past five years.
The report said that in previous recessions, falling investment and exports led the downturn. This time is different, as private consumption, traditionally the backbone of demand in South Asia and a core indicator of economic welfare, will decline by more than 10 percent, further spiking poverty rates. A decline in remittances is also expected to accelerate loss of livelihoods for the poorest in some countries, the report said.
译文来源：三泰虎 http://www.santaihu.com/p/51014.html 译者：Jessica.Wu
Nation is suffering becoz of this acheee din fekuu liar..he has destroyed india.
Can u name couple of countries whose GDP is growing during this pandemic situation?
Dr. Manoj Kumar Yadav
Life is more important than the economy... Next financial Year we can grow
feku gov can't even have good relationship with small neighbouring hindu nepal country desite 10000 crs taxpayer money wasted on feku 100s of feku foreign tour.
But people were told that Thali bajao and Diya Jalao would destanbilize Covid virus, what happenned?
so modi is responsible for covid in India right ? We have modi ruling in other countries as well
COVID is the shield against failure of MODI-ECONOMICS
Ram Dularay Verma
For our go nment this report has no meaning . In India our go nment is presently erasing all old system ,infrastructure , institutions , public sectors and services under go nment control . It may take 10 years more . Thereafter construction of new Bharat will start.
We will recover, we don't care about Modi or BJP. Common folk well continue to work hard whether it's feku or pappu.
WB does not know anything. Our super economist Mr. Modi (next noble prize candidate) will manage everything. It will go up by 10%.
World Bank -- trebled its earlier forecast of dent on our economy/GDP during current FY now.....obviously the long curfew locks - bans galore..... Unlock phases not picking up..... severe damage to small fry- MSME types...
Why World Bank give only figures for India fall rate of , why cant issue the worst economies data as headlines
Ram Dularay Verma
Because fall of GDP of India is more than 23% the worst in world.
It already nose dived with note Gandhi itself
why are you relaying on June quarter? you should wait this current quarter and so your analysis..
Job loss, business down, gdp negative, bad news is default
WB will again change its figure again once the economic activity is up in full swing.