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June 10, 2020
The World Bank has projected India’s economy state in FY21. It came up with prediction that India’s economy growth will contract to 3.2%.
World Bank has spoken abouts the India’s economy impact and they said, “ Spillovers from contracting global growth and balance sheet stress in the financial sector will also adversely impact activity, despite some support from fiscal stimulus and continued monetary policy easing.”
The coronavirus has indeed left India to dropping its economy to lower percent and World Bank has also stated that due to the shutdown measures and spread of the virus will lead to contraction of global economy by 5.2% in 2020.
World Bank isn’t the only one projecting the sate of Indian economy but Goldman Sachs, UBS are among other professional forecasters that projected that by FY21 5% of Indian Economy will face contraction