Goldman Sachs Reduces GDP Growth Estimates, Estimates Growth Rate at 1.6%

Due to Corona virus and lockdown, the country's economic growth rate can fall to 1.6 percent in the current financial year. US brokerage firm Goldman Sachs made this estimate on Wednesday. Economists of Goldman Sachs have said that India's policy makers have not shown a very aggressive approach to deal with this crisis so far and they need to step up their efforts. It is noteworthy that in the financial year 2019-20, the GDP growth rate is expected to come down to a decade low of five percent. In the current financial year, the coronavirus epidemic has made this problem more acute.

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Many analysts have predicted a decrease in the growth rate due to coronavirus, but for the whole year it is projected to grow at the slowest rate. This recent report by Goldman Sachs said, "With policy support and hope to continue this further, we believe that economic activity will increase in March and next quarter due to nationwide lockdown and growing concern about the virus." There can be a huge shortfall. ''

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Apart from this, the brokerage firm had earlier said in its estimate of 22 March that GDP growth in the country will be around 3.3 percent in the fiscal year 2020-21. The agency has stated that the growth rate of 1.6 percent shows lower growth rate than the 1970s, 1980s and 2009 recession. The same, the brokerage firm has said that the current decrease in growth rate is different from the earlier recession because there is fear in the minds of people, which was not there before.

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