OECD Projects India’s FY21 GDP at -9.9%

In its latest economic outlook report, the Organisation for Economic Co-operation and Development (OECD) has marginally raised its GDP forecast for India to a contraction of 9.9% in 2020-21 (FY21) from its earlier projection of (-)10.2% in September 2020.
OECD expects the GDP to rebound to 8% in 2021-22 (FY22) and 5% in 2022-23 (FY23).
In terms of global economy, OECD expects the world GDP to contract 4.2% in 2020. This estimate was (-)4.5 percent in September forecast.
OECD has also projected the world economy to grow by 4.2 percent in 2021 from earlier forecast of 5 percent.
For 2022, Global GDP is projected at 3.7%.