economy starts shrinking more due to Coronavirus

May 30 2020 04:36 PM
economy starts shrinking more due to Coronavirus

The pandemic coronavirus can have a huge impact on the country's economy. From the data released by the government on Friday, the last quarter of the last financial year and the entire year, it is clear that we have entered the Covid-19 era with a very weak economy. The growth rate of GDP in the quarter of January-March 2020 is just 3.1% and the rate of economic growth during the entire financial year 2019-20 is 4.2%. A growth rate of 6.1 was achieved in its last financial year (2018--19). This rate of economic development is the lowest level of the last 11 years.

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The figures also show that the economic growth rate has been decreasing for the last eight quarters and it is expected to go down further in the April-June quarter and 2020-21. This situation can not only overcome the dream of becoming a five trillion dollar economy by 2025, but will also shock the efforts to eradicate poverty and unemployment from the country. According to the data released by the central government, in the last quarter of 2019-20 (January - March), agriculture, mining and government administration and allied services apart from any other sector (manufacturing, construction, electricity, gas, water supply, Financial services etc.) The situation has not improved.

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There has been a decline of 1.4% in the manufacturing sector, while there was an increase of 2.1% in the same period last year. The construction sector, which provides employment on a large scale, declined by 2.2% as against an increase of 6% in the same period last year. In the service sector, the growth rate of services like hotels, restaurants, transport, communication has fallen from 6.9% to 2.6%. The growth rate of the financial services sector has come down from 8.7% to 2.4%. Maximum employment opportunities arise in the above four sectors. Their share in the entire economy is also increasing continuously.

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