India's economy to shrink by 9% this year: ADB

Megha Jain

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Image Credit: shortpedia

India's economy is expected to contract by 9% this year, worse than the 4% contraction it had forecast three months ago, the Asian Development Bank (ADB) said on Tuesday. However, it expects India to bounce back with 8 per cent growth next year as the country begins to emerge from the economic devastation caused by coronavirus pandemic. In the first quarter of the current fiscal year, India's GDP contracted by a record 23.9%.