Indian economy to shrink 5.9% in 2020: UNCTAD

The United Nations Conference on Trade and Development has predicted that India will witness an economic contraction of 5.9% this year. The world will see a contraction of 4.3%, all attributed to the COVID-19 induced lockdown and the global economic standstill that ensued. "Lockdown has parachuted economists into unfamiliar territory", it said.

It joins a horde of banks and research houses in estimating negative growth for the Indian economy.

Also Read: India's FY21 GDP Could Shrink As Much As 15%, Research Suggests