The damage to India's economy will be permanent in 2020: UN

- China's GDP will grow by 1.3 percent in 2020 and 8.1 percent in 2021, the highest in the world

- 9 to 120 million people in developing countries will be pushed into extreme poverty and 300 million people will face food insecurity

United Nations, Ta. 24 September 2020, Thursday

The Corona epidemic will see India's economy shrink by 5.9 per cent by 2020, the United Nations has said in a report. The report warns that India's GDP will grow next year but the impact of the downturn in the economy in 2020 will be permanent.

The Trade and Development Report, 2020, released by the UN Conference on Trade and Development (UNCTAD), states that the entire world is going through a recession due to the Corona epidemic.

According to the report, the global economy will see a 4.3 per cent decline in 2020. According to UNCTAD, the South Asian economy will see a 4.8 per cent decline in 2020. However, 2021 will see a 3.9 per cent recovery in the South Asian economy.

According to the report, 2020 will see a 5.9 per cent decline in India's GDP and 2021 will see a 3.9 per cent recovery. According to the report, India is set to face a recession in 2020 as most economic activities are shut down due to strict lockdowns imposed in India to curb the spread of the corona virus.

According to UNCTAD, the US economy will see a 5.4 percent decline in 2020, while 2021 will see a 2.8 percent recovery in US GDP. According to the report, China's GDP will grow by 1.3 per cent this year and 8.1 per cent in 2021. Which will be the highest in the whole world.

In developing countries, 9 to 120 million people will be pushed into extreme poverty and 300 million people will face food insecurity. According to Richard Kozul Ritt, director of UNCTAD's Globalization and Development Strategy Division, some forecasters are talking about a V-shape recovery in the economy that is misleading. For such a recovery the growth should be in double digits which is not currently possible.