Coronavirus-hit Indian economy to contract by 4% in FY21: ADB forecast

For the countries in developing Asia, ADB forecasts growth of 0.1 per cent for the region in 2020

Hit hard by the coronavirus pandemic, the Indian economy is expected to contract by 4 per cent during the current financial year, the ADB said in a supplement to its Asian Development Outlook (ADO) on Thursday. Countries in Developing Asia will "barely grow" in 2020, as per the ADB forecast.

China, however, is expected to record a positive growth of 1.8 per cent in 2020, sharply down from 6.1 per cent in 2019, said the ADO.

"Growth in Indian GDP slowed to 3.1 per cent in the last quarter of financial year 2019 (FY2019, ended 31 March