The Asian Development Bank (ADB) has estimated that the GDP of India is expected to contract by 9% in fiscal 2020-21 (FY21). This estimate is worse than ADB’s previous estimate of -4%.However, for the FY22 (2021-22), ADB expects India’s GDP at 8 per cent. ADB also expects the gross domestic product (GDP) growth for developing Asia at – 0.7 per cent in 2020, the first negative economic growth since 1962.
Kovid-19’s Impact on Asia’s Economy according to ADB
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