UN lowers India growth rate projection to 1.2% in 2020, to recover in 2021

India's economic growth is forecast to slow to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019

The UN slashed India's projected growth rate to 1.2 per cent in 2020 and forecast that the global economy will contract sharply by 3.2 per cent as the Covid-19 pandemic paralyses the world, sharply restricting economic activities, increasing uncertainties and unleashing a recession unseen since the Great Depression of the 1930s.

The World Economic Situation and Prospects as of mid-2020 released Wednesday by the UN said that global gross domestic product is forecast to shrink by 3.2 per cent in 2020, with only a gradual recovery of lost output projected for 2021.

"Cumulatively, the world economy is expected to lose nearly $8.5