India grows fastest in G-20 nations amid Corona slowdown |
Even as the Coronavirus pandemic has battered the slowish Indian economy, it is still likely to be better off than all other G20 countries. The Economist Intelligence Unit in its post-Covid-19-outbreak revised growth forecast for G20 countries in 2020, downgraded projected Financial Year 21 GDP growth of India to 2.1 percent from 6 percent before the outbreak. While this looked like a free fall but when compared to other G20 countries, India`s growth projection stood on the top while others are set to dive deep into recession except for China and Indonesia. The forecast said that while India will be the fastest-growing this year at 2.1 percent, China and Indonesia will grow at 1 percent in 2020. The global economies are staring at recessions with almost every developed economy across the world trying to tackle the pandemic. It is assumed that there will be a recovery in the second half of the year, but downside risks to this baseline scenario are extremely high, as the emergence of second, or third waves of the epidemic would sink growth further. Rating agency Moody`s Investor Service also cut the forecast for India`s growth from 5.3 percent to 2.5 percent for 2020.
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