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OECD lowers India’s FY21 GDP growth
Why is it in the news?
- Global agency OECD lowered its India’s GDP growth forecast to 5.1% from the earlier projection of 6.2% for 2020.
- The downfall is based on concerns of impact of the deadly COVID-19 on the domestic as well as the global economy.
More in the news
- More from OECD:
(1) The adverse impact on confidence, financial markets and travel sector contributes to the downward revisions in all G20 economies in 2020, particularly ones strongly interconnected to China.
(2) The latest projection for 2020-21 is 1.1 percentage points lower than the November 2019 forecast.
(3) The Economic Survey tabled by the government in Parliament has projected India’s economic growth at 6 -6.5% in the next financial year starting April 1.
- Lowest since 2008-09:
(1) The OECD lowered its global GDP forecast by half a percentage point to 2.4%, the lowest rate since the 2008-09 financial crisis.
Source
The Hindu.