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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.