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World Bank expects India’s GDP to contract by 9.6% in FY-21

World Bank expects India's GDP to contract by 9.6% in FY-21_50.1

The World Bank projected India’s GDP to contract by 9.6% this FY-21, which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic. The World Bank earlier in June had estimated the Indian economy to shrink by 3.2% in the current fiscal.

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The World Bank recently released its report titled ‘South Asia Economic Focus’, noting that the country’s economic situation is much worse than ever seen before. The report also forecasted a sharper than expected economic slump across the South Asian region, with regional growth expected to contract by 7.7% in 2020, after topping 6% annually in the past five years. Regional growth is projected to rebound to 4.5% in 2021.

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World Bank expects India's GDP to contract by 9.6% in FY-21_60.1

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