OECD Expects Indian Economy To Contract At 3.7% This Fiscal

The Organisation for Economic Co-operation and Development (OECD) has kept India's growth at -3.7% for the ongoing fiscal and warned that growth could drop further to -7.3% in the event of a second Covid-19 outbreak, according to its Economic Outlook (EO) released on Wednesday. This was in sharp contrast to the 5.1% growth it had projected for FY21 in the interim EO in March. The latest report forecast a strong recovery in the coming fiscal to 7.9% in the 'single-hit' scenario versus an 8.1% rebound in the 'double-hit' Covid-19 scenario, stated the OECD.

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