Indian financial system to shrink by 5.9%: UN

United Nations, September 23

Impacted by disruptions caused by the Covid pandemic, India’s economy is forecast to contract by 5.9% in 2020, the UN has said in a report, warning that while growth will rebound next year, the contraction is likely to translate into a permanent income loss.

The Trade and Development Report 2020 by UN Conference on Trade and Development (UNCTAD) said on Tuesday the world economy is experiencing a deep recession amid a still-unchecked pandemic.

It said the global economy will contract by an estimated 4.3% this year, leaving global output by year’s end over $6 trillion short (in current US dollars) of what economists had expected it to be before the coronavirus began to spread. — PTI

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