Categories: Economy

EIU lowers global growth forecast for 2020

The Economist Intelligence Unit has revised downwards its global growth forecast for 2020 to 2.2% from 2.3%. This impact because of Novel coronavirus outbreak in China and also the virus starts spreading globally. The virus originated in Wuhan, a city of around 11.3 million people in central Hubei province, China, and has spread to most provinces in mainland China and overseas.

Global growth was sluggish throughout 2019 amid trade tensions, a sharp deceleration in real GDP growth in the US, China and India and political uncertainty in a number of EU countries.  EIU also revised China’s growth downwards by lowering the real GDP (Gross Domestic Product) forecast for China in 2020 to 5.4 per cent from 5.9 per cent earlier. 

EIU also estimated the GDP growth for India to 6.1 per cent for 2020 from 4.9 per cent estimated for the year 2019, Low-interest rate in India will increase the demand and Investment in 2020 and also the coronavirus does not spread in India are the reasons for the upward GDP growth.

Important takeaways for all competitive exams:

  • Economist Intelligence Unit Managing Director (MD): Robin Bew.
  • Economist Intelligence Unit headquarters: London, England.
  • Economist Intelligence Unit founded: 1946.

Find More News on Economy Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

Recent Posts

Myanmar Military Chief Min Aung Hlaing Becomes President After Parliament Vote

The significant political developments is seen in the Myanmar. As the Min Aung Hlaing was…

16 mins ago

Which Country is the Largest Exporter of LPG in the World?

LPG, an important fuel, is in new these days. It is used everywhere from homes…

1 hour ago

India Ranks 3rd Globally in Renewable Energy Capacity, Says IRENA

In the year 2025 India has been emerged as the third-largest renewable energy market in…

2 hours ago

IRDAI Retains The Systemically Important Status LIC, GIC Re & New India Assurance

For the FY-26 Insurance Regulatory and Development Authority of India (IRDAI) has retained three major…

2 hours ago

CBSE Introduces AI Curriculum On Computational Thinking For Classes 3-8: Everything You Need to Know

At Vigyan Bhawan, New Delhi on the 2nd of April, 2026 Honorable Union Minister for…

3 hours ago

GK Quiz on Good Friday 2026, Questions and Answers

Good Friday 2026, observed on April 3, is one of the important day of the…

4 hours ago