Covid-19 has caused severe disruption for the Indian economy: World Bank

The coronavirus pandemic may wipe out all the gains made in poverty alleviation in South Asia, says World Bank

The World Bank on Sunday said the coronavirus outbreak has severely disrupted the Indian economy, magnifying pre-existing risks to its outlook.

In its South Asia Economic Update: Impact of Covid-19, the World Bank estimated the Indian economy to decelerate to 5 per cent in 2020 and projected a sharp growth deceleration in fiscal 2021 to 2.8 per cent in a baseline scenario.

The Covid-19 outbreak came at a time when India's economy was already slowing, due to persistent financial sector weaknesses, the report said.
 

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