United Nations Conference on Trade and Development (UNCTAD) has predicted that the GDP of India will contract by 5.9% in the year 2020. For the year 2021, UNCTAD projects the Indian economy to grow by 3.9%. The projection was made in its Trade and Development Report 2020.
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The baseline scenario is a sharp recession in 2020 as the stringent lockdown measures, to prevent the spread of the virus have halted, many productive activities across the country.
Important takeaways for all competitive exams:
- UNCTAD Headquarters location: Geneva, Switzerland.
- UNCTAD Head: Mukhisa Kituyi.
- UNCTAD Founded: 30 December 1964.
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