NEW DELHI: India’s economic growth is expected to contract 4.5 per cent in the current fiscal year, the ministry of finance stated in its macroeconomic June 2020 report. The report cited a 6.4 percentage point plunge in the gross domestic product (GDP) number in comparison with the April 2020 forecast.
The ministry noted that shrinkage is in line with downward revision of global economic growth amid the ongoing Covid-19 pandemic.
“Given the immense uncertainty associated with infection and macroeconomic recession curves of countries across the world, IMF (International Monetary fund), in its World Economic Outlook (June 2020) report, has downward revised global growth to (–) 4.9 per cent in 2020, 1.9 percentage points lower than its April 2020 forecast,” the macroeconomic report stated.
“All regions across the world are projected to experience negative growth in 2020, the first time in history. While advanced economies are projected to contract by 8 per cent in 2020, 1.9 percentage points lower than the April forecast, growth in emerging market and developing economies has been forecast at -3.0 per cent, a downward revision of 2 percentage points,” it added.
India’s real GDP growth rate was 4.2 per cent in 2019-20 as per the provisional estimates released by the National Statistical Office, compared to 6.1 per cent recorded in previous year.
The country reported a huge spike of 24,248 new coronavirus cases in the last 24 hours along with 425 fatalities, the Union health ministry said. The number of recoveries stood at 4,24,433 and 19,693 people have succumbed to the disease till now.
The ministry noted that shrinkage is in line with downward revision of global economic growth amid the ongoing Covid-19 pandemic.
“Given the immense uncertainty associated with infection and macroeconomic recession curves of countries across the world, IMF (International Monetary fund), in its World Economic Outlook (June 2020) report, has downward revised global growth to (–) 4.9 per cent in 2020, 1.9 percentage points lower than its April 2020 forecast,” the macroeconomic report stated.
“All regions across the world are projected to experience negative growth in 2020, the first time in history. While advanced economies are projected to contract by 8 per cent in 2020, 1.9 percentage points lower than the April forecast, growth in emerging market and developing economies has been forecast at -3.0 per cent, a downward revision of 2 percentage points,” it added.
India’s real GDP growth rate was 4.2 per cent in 2019-20 as per the provisional estimates released by the National Statistical Office, compared to 6.1 per cent recorded in previous year.
The country reported a huge spike of 24,248 new coronavirus cases in the last 24 hours along with 425 fatalities, the Union health ministry said. The number of recoveries stood at 4,24,433 and 19,693 people have succumbed to the disease till now.
