World Bank Predicts 3.2% Contraction For Indian Economy In FY21

by GoNews Desk Jun 10, 2020 • 06:45 PM Views 1027

The latest World Bank report estimated that India's economy will shrink by 3.2 percent in 2021. Last year, the same rate was in positive 4.2%. According to the bank, the biggest reason for this colossal decline is due to the strict lockdown done to fight the corona epidemic that has hit the businesses hard. Several other international agencies such as Fitch, S&P, Goldman Sachs, and UBS have predicted that India's economy will shrink by 5%