World Bank says India faces severe slowdown, slashes FY20 GDP forecast to 6%
Growth is expected to gradually recover to 6.9% in FY21 and to 7.2% in FY22, the bank said in its latest South Asia Economic Focus report.New defaults by NBFCs could trigger a fresh round of financial sector stress, the report said
New Delhi: Joining the chorus with other international agencies, the World Bank on Sunday pared down its growth forecast for India to 6% for FY20 from its April projection of 7.5%, citing that the countrys cyclical slowdown is broad-based and severe.
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