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World Bank widens GDP contraction forecast to 9.6%

The World Bank expects India’s economic system to contract by 9.6% in 2020-21, revising its earlier estimate in June that output will shrink by simply 3.2% amidst the COVID-19 pandemic. This revision displays ‘the impact of the national lockdown and the income shock experienced by households and firms’, the Bank defined.

In its South Asia Economic Focus report launched on Thursday, the Bank reckoned there might be a rebound to five.4% progress in 2021-22, however largely as a consequence of base results and hinging on assumptions that the pandemic-related restrictions are fully lifted by 2022.

India’s gross home product (GDP) contracted 23.9% within the first quarter of this 12 months and official estimates for the second quarter are anticipated at end-November. The Bank mooted continuation of important reforms to reverse the sudden and steep impacts of COVID-19.

 



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Shah Rukh Khan’s Kolkata Knight Riders invests in USA’s Major League Cricket

Knight Riders, will be part of fingers with American Cricket Enterprises (ACE) to grow to be a stakeholder...

China says Delhi SCO Heads of Government meet sent many ‘positive signals’

Chinese Premier Li Keqiang attended the digital assembly of the eight-member bloc which was additionally addressed by Vice-President Venkaiah Naidu. China stated on...

Nobody Can Take Film City Away From Mumbai: Maha BJP Chief

Mumbai: Ahead of Uttar Pradesh Chief Minister Yogi Adityanath’s assembly with Bollywood personalities in Mumbai, Maharashtra BJP president Chandrakant Patil on...

Coronavirus live updates | COVID-19 cases per million population in India lowest in the world: Health Secretary

Cautioning that shop-owners, staff and guests residing in containment zones shall not be allowed entry into marketplaces the Union Health Ministry, on Monday,...

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