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LATEST NEWS UPDATES | India’s GDP to contract eight per cent, set to be worst performer in South Asia

India’s GDP to contract eight per cent, set to be worst performer in South Asia

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published Published on Dec 11, 2020   modified Modified on Dec 12, 2020

-The New Indian Express

Bangladesh will post the best growth in the region growing at 5.2 per cent on the back of revived exports, said the Asian Development Bank in its Asian Development Outlook.

NEW DELHI:  India’s GDP is expected to contract by 8 per cent in the current financial year and will be the worst performer in South Asia barring Maldives.

Bangladesh will post the best growth in the region growing at 5.2 per cent on the back of revived exports, said the Asian Development Bank said in its Asian Development Outlook.

With the Indian economy normalising, it expected the nation to post a contraction of 8 per cent against an earlier predicted 9 per cent. It also expects the Indian economy to rebound to a positive 8 per cent growth in 2021.  

“Having contracted by 23.9  per cent in Q1 of fiscal year 2020 (FY2020, ending 31 March 2021), the Indian economy began to normalise after containment measures started in ease in June,” ADB said.

Economists said that India’s GDP which had posted a sharp  contraction in the April-June 2020 quarter rebounded to a 7.5 per cent contraction the second quarter on the back of a better showing in agriculture where Gross Value Added (GVA) increased by 3.4 per cent.

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The New Indian Express, 11 December, 2020, https://www.newindianexpress.com/business/2020/dec/11/indias-gdp-to-contract-eight-per-cent-set-to-be-worst-performer-in-south-asia-2234675.html?fbclid=IwAR3A8N17tRjMZPWavMfS-BFzUPx3RJO7-cc3MAsU9Ho08Zjqy1mcR-bSBd


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