The United Nations has released its report “World Economic Situation and Prospects” as of mid-2020. In this report, UN has projected growth rates of individual countries as well as global economy for fiscal year 2020 & 2021.
According to the “World Economic Situation and Prospects” as of mid-2020, the growth rate of India has been projected to grow at 1.2% in fiscal year 2020. While the report has also indicated a slight recovery in the growth rate of India for fiscal year 2021 and stated that it would clock a 5.5% growth rate in 2021. As the COVID-19 pandemic has paralysed the world, the UN has projected that the global economy will contract sharply by 3.2% in fiscal year 2020, with only a gradual recovery of lost output projected for fiscal year 2021.