The Indian economy is expected to contract 4 per cent during the current financial year, the ADB said in a supplement to its Asian Development Outlook (ADO) on Thursday.
Countries in Developing Asia will “barely grow” in 2020, according to the ADB forecast. China, however, is expected to record a positive growth of 1.8 per cent in 2020, sharply down from 6.1 per cent in 2019, said the outlook.
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“Growth in GDP slowed to 3.1 per cent in the last quarter of 2019-20, its slowest since early 2003. Growth slowed to 4.2 per cent in 2019-20 .
“High-frequency indicators such as purchasing managers’ indices fell to an all-time low in April. GDP is expected to contract by 4 per cent in 2019-20 before rebounding 5 per cent in 2020-21,” it said.
