Sharper contraction of India s GDP expected in FY21
By IANS |
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Wed, Feb 10 2021 20:42 IST |
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India s FY21 GDP now expected to contract by 7.8%: Ind-Ra. Image Source: IANS News
New Delhi, Feb 10 : The Indian economy is likely to witness a sharper contraction in the current fiscal as the Global Economic Conditions Survey shows that it is likely to contract by around 10 per cent, higher than the official estimates.
Official estimates project a contraction of around 7 per cent in FY21.
The survey, conducted by the Association of Chartered Certified Accountants and the Institute of Management Accountants, noted that South Asia has been hit hard by the pandemic as economies reliant on services and tourism are prevalent in the region.
New ACCA and IMA Survey on Global Economy Finds Fragile Confidence in Early 2021
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NEW YORK and MONTVALE, N.J., Jan. 26, 2021 /PRNewswire/ The latest Global Economic Conditions Survey (GECS) released today from ACCA (the Association of Chartered Certified Accountants) and IMA
® (Institute of Management Accountants) found that global confidence in the fourth quarter of 2020 stalled and remains fragile at the start of 2021.
The GECS, the largest regular economic survey of more than 3,000 senior accountants and finance professionals from around the world, captured the true scale of the global recession caused by the response to the coronavirus pandemic, noting that global economic prospects have deteriorated since the survey was completed on December 8. The full report is available here or at https://www.imanet.org/insights-and-trends/global-economic-conditions-survey?ssopc=1.