Warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally, the United Nations (UN) in its latest report ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies' has said that India's gross domestic product (GDP) growth is likely to slow down to 4.8 per cent in the current fiscal (FY21).
The report also noted that COVID-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages. It further said that the country’s economic growth could stand at 5.1 per cent for fiscal year 2021-22, adding that these are very preliminary forecasts based on the data and information available up to March 10.
According to the report, as the COVID-19 pandemic is still evolving rapidly and showing no signs of abating as of March 31, 2020, its negative impacts on economic performance of countries and territories in Asia and the Pacific will likely be very significant. The report also noted that COVID-19, first reported in China and subsequently globally, has significantly increased the downside risks to the Asia and Pacific region’s near-term economic outlook.