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Economy to contract 3.2% in FY21: World Bank:
News
- The World Bank recently released its Global Economic Prospects (GEP) June 2020 report.
- According to the report, the Indian economy is expected to contract by 3.2% in this fiscal year as a result of the COVID-19 pandemic.
- Growth is forecast at 3.1% next year.
More from the Report:
- The world economy, as a whole, is set to witness its deepest recession since World War II, with a forecasted contraction of 5.2% this year.
- Some 70-100 million could be pushed into extreme poverty.
- Emerging market and developing economies (EMDEs) are expected to contract by 2.5% this year.
- Economic activity in advanced economies is forecast to shrink by 7%, as domestic supply and demand have been disrupted due to the pandemic.
- Countries most reliant on global trade, tourism, external financing and commodity exports are likely to be hit the hardest.