A report of United Nation warns that the coronavirus epidemic will have serious economic consequences worldwide. Also, the report projects that India’s GDP growth rate is going to be around 4.8 percent during the current financial year.
These areas which are going to be the most affected according to the The UN report on ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020’ indicates that coronavirus has far-reaching economic and social consequences in the region of cross-border trade, tourism and financial relations.
The growth rate may remain slow even in 2021-22. The report said that during the current financial year 2020-21, India‘s growth rate is expected to come down to 4.8 per cent and the growth rate for FY 2021-22 can be 5.1 per cent. This shall also have a negative impact on economies of Asia and Pacific region.
Apart from this, the report also said that these are very preliminary forecasts and are based on data and information available uptil 10 March 2020. Since the Covid-19 epidemic is still growing rapidly, it is having a negative impact on the economies of Asia and it is expected to be very high. According to the report, India’s economic growth projections have fallen significantly compared to earlier and rise in unemployment has also affected consumer sentiments. India is facing challenges related to exports as well as agricultural activities.