UN projects India’s GDP at 4.8 percent for FY21

GDP

Gross Domestic Product growth of India is likely to slow down to 4.8 percent for FY20-21 due to coronavirus outbreak, says a report by United Nations.

GDP

As per the UN report, the Gross Domestic Product (GDP) growth of India is expected to go sluggish to 4.8 percent for FY20-21 due to coronavirus outbreak.

“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.

Considering Sustainable economy, The UN ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020 said, “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.”

“As the Covid-19 pandemic is still evolving rapidly and showing no signs of abating as of March 31, 2020, its negative impacts on the economic performance of countries and territories in Asia and the Pacific will likely be very significant,” revealed the report, accompanying a disclaimer on the GDP chart for economies in the Asia and Pacific in the report stated.

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