Economy likely to contract by 4.5% in Q4FY2020: ICRA (Lead)

Ratings agency ICRA on Tuesday predicted that India’s economy is likely to witness a sharp contraction of 4.5 per cent during Q4FY2020 and is expected to gradually recover to post a GDP growth of just 2 percent in FY2021.

ICRA has sharply cut its forecast for Indian GDP growth in FY 2021, post the Covid-19 outbreak.

“Amid uncertainty as to when the situation will normalise, we expect a sharp downturn in various indicators of the manufacturing and services sectors from March 2020 onwards,” ICRA’s Principal Economist Aditi Nayar said in a report.

Read More: https://www.bhaskarlive.in/economy-likely-to-contract-by-4-5-in-q4fy2020-icra-lead/