Due to the deep impact of Coronavirus in India, the Indian economy is expected to contract 4 percent in the current financial year. The government is making several efforts to handle GDP. The same, ADB said this in its Asian Development Outlook on Thursday. According to ADB's forecast, developing Asia countries will hardly grow in 2020. Asian Development Outlook said that China's growth in 2020 is expected to be 1.8 percent positive. In the year 2019, China achieved a growth of 6.1 percent.
ADB said, 'India's GDP growth fell to 3.1 per cent in the last quarter of FY 2019. This is India's slowest growth since 2003. Talking about the entire financial year 2019, India's economic growth rate has come down to 4.2 percent. There was a contraction in both exports and investment during this period.
ADB said, "High-frequency indices like Purchasing Managers Indexes came down to their lowest level in April. After migrating their jobs to the cities, migrant labourers migrated to their homes in the villages and even after the lockdown was relaxed, the number of those returning back to them is quite low. In ADB's annual flagship Asian Development Outlook (ADO), the ADB estimated that India's economic growth rate would shrink four percent in the current financial year due to the global health emergency caused by the coronavirus epidemic.
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