According to the World Bank, India's economy inthe current financial year may contract to 3.2%, a sharp decline from itsprevious forecast of 5.8%. The Corona Virus Pandemic has lead to severeeconomic losses sending world citizens into poverty and unemployment.
The World Bank stated the global gross domesticproduct will probably reduce 5.2% in 2020. Emerging and developing economiesincluding India will shrink 2.5%, their worst performance in data since 1960, theorganisation added.
Ceyla Pazarbazioglu, the World Bank's vice president of equitable growth, finance, and institutions said, "This is the first recession since 1870 triggered solely by a pandemic, and it continues to manifest itself. Given this uncertainty, further downgrades to the outlook are very likely. The decline might lead 70 to 100 million people in extreme poverty. However, the economy will rebound in 2021, growing by 4.2%."