NEW DELHI, Sept 15 (NNN-BERNAMA) — India’s economy will shrink by nine per cent as the Covid-19 pandemic poses a big risk to Asia’s growth outlook this year and next year, according to\u00a0Asian Development Bank (ADB).<\/p>\n\n\n\n
ADB took note that the country’s GDP contracted by a record 23.9 per cent in the first quarter of its fiscal year (April-March).<\/p>\n\n\n\n
It forecasts India\u2019s economy to shrink nine per cent on an annual basis before recovering by eight per cent in 2021-22.<\/p>\n\n\n\n
Lockdowns to contain the spread of the coronavirus have stalled consumer and business spending in India, ADB said in a report.<\/p>\n\n\n\n
India has recorded the second-highest number of coronavirus infections globally, with the tally crossing 4.9 million on Tuesday.<\/p>\n\n\n\n
“Most economies in the Asia and Pacific region can expect a difficult growth path for the rest of 2020,” ADB chief economist Yasuyuki Sawada said.<\/p>\n\n\n\n
He said the economic threat posed by the Covid-19 pandemic remained potent as extended first waves or recurring outbreaks could prompt further containment measures.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Shakir Husain NEW DELHI, Sept 15 (NNN-BERNAMA) — India’s economy will shrink by nine per cent as the Covid-19 pandemic poses a big risk to Asia’s growth outlook this year and next year, according to\u00a0Asian Development Bank (ADB). ADB took note that the country’s GDP contracted by a record 23.9 per cent in the […]<\/p>\n","protected":false},"author":19,"featured_media":89483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/92298"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=92298"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/92298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/89483"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=92298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=92298"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=92298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}