India’s economic growth will contract by 9 per cent in the current fiscal as the coronavirus pandemic weighs heavily on economic activity and consumer sentiment in the country, according to ADB.
The global economy is expected to suffer $5.8-8.8 trillion in losses due to the coronavirus pandemic, Asian Development Bank said on Friday. Of this, the impact on south Asian gross domestic product will be to the tune of $142-218 billion.
The Asian Development Bank on Tuesday said it has approved $1.5 billion loan to India to help fund its fight against coronavirus pandemic. The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections.
Asian Development Bank (ADB) president Masatsugu Asakawa on Friday assured finance minister Nirmala Sitharaman of the multilateral agency’s support to New Delhi in its fight against the novel coronavirus pandemic and said it was planning a $2.2 billion immediate assistance for the country’s health sector.
India’s economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for the financial year 2020-21 on Friday. South Asia will face a milder slowdown. Growth in South Asia will decelerate to 4.1 per cent in … Continue reading ADB expects India’s economic growth to slow down to 4% in FY21 on global pandemic
The coronavirus outbreak is likely to have a global impact of $77 billion to $347 billion or 0.1% to 0.4% of world GDP, a study by the Asian Development Bank (ADB) has shown. Two-thirds of the impact will be felt by China, the epicentre of the Covid 19 outbreak.