9,039.25-67.0
Stock Analysis, IPO, Mutual Funds, Bonds & More

India's GDP may grow at 4.8% in FY21, Covid 19 to have adverse economic impact globally: UN report

India's GDP growth for the fiscal year 2019-2020 was estimated at 5 per cent and is forecast to slow down to 4.8 per cent for the current fiscal 2020-21. Economic growth for the country could stand at 5.1 per cent for fiscal year 2021-22, the report said. The report noted that these are very preliminary forecasts based on the data and information available up to March 10.

PTI|
Last Updated: Apr 09, 2020, 12.36 PM IST
0Comments
Agencies
Untitled-5
"As the COVID-19 pandemic is still evolving rapidly and showing no signs of abating as of March 31, 2020, its negative impacts on economic performance of countries and territories in Asia and the Pacific will likely be very significant,” a disclaimer accompanying the GDP chart for economies in the Asia and Pacific in the report says.
United Nations: India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, a UN report has said, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.

The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies' said that COVID-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages.

India's GDP growth for the fiscal year 2019-2020 was estimated at 5 per cent and is forecast to slow down to 4.8 per cent for the current fiscal 2020-21. Economic growth for the country could stand at 5.1 per cent for fiscal year 2021-22, the report said.

The report noted that these are very preliminary forecasts based on the data and information available up to March 10.

The Economic Survey, released a day before Finance Minister Nirmala Sitharaman presented Union Budget for 2020-21 on February 1, had projected a GDP growth of 6-6.5 per cent, up from 5 per cent estimate for 2019-20.

"As the COVID-19 pandemic is still evolving rapidly and showing no signs of abating as of March 31, 2020, its negative impacts on economic performance of countries and territories in Asia and the Pacific will likely be very significant,” a disclaimer accompanying the GDP chart for economies in the Asia and Pacific in the report says.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

About 400 million workers in India may sink into poverty: UN report

Pakistan tops in holding biases against women: UN Report

India needs continued structural reforms to boost growth: UN report

Coronavirus-driven debt crisis threatens poor countries already at risk, says UN report

Developing nations in Asia-Pacific need to hike health emergency spending by $880 million/year: UN report

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service