OECD projects contraction of Indian Economy at 3.7% in FY21

Organisation for Economic Co-operation and Development (OECD) has released its Economic Outlook. In its Economic Outlook, the intergovernmental economic organisation has forecasted Indian Economy to contract to 3.7% in the fiscal year 2020-21. It also stated that if there is a second COVID-19 outbreak in the country, then its growth will drop further to -7.3%.

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OECD’s Economic Outlook also forecasts India’s growth to recover to 7.9% in the ‘single-hit’ scenario while it expects an 8.1% rebound in the ‘double-hit’ Covid-19 scenario in the fiscal year 2021-22.

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