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India will be worst affected post pandemic: Oxford Economics report

Nov 19, 2020 22:19 IST

Global forecasting firm Oxford Economics in its latest report said, India will be the worst affected among the world's major economies even after the coronavirus pandemic wanes, with output 12% below pre-virus levels through the middle of the decade. The International Monetary Fund (IMF) predicts the GDP to shrink 10.3% in the year to March 2021 due to the nationwide lockdown. Though a sharp rebound is forecast as economic activity resumes, lingering scars will remain, it said. Oxford Economics has revised downwards its India growth forecast over the medium term to an average 4.5% over 2020-25, from its pre-pandemic projection of 6.5%.

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