Publication: India Development Update, July 2020
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Date
2020-07
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2020-07
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The pandemic has afflicted India at a time when its economy had already been decelerating. Defying a long-term accelerating path, real GDP growth moderated from 7.0 percent in 2017-18 to 6.1 percent in 2018-19 and 4.2 percent in 2019-20. The pre-COVID-19 growth deceleration was perceived to be due to long-standing structural rigidities in key input markets; continuing balance sheet stress in the banking and corporate sector, which were compounded more recently by stress in the non-banking segment of the financial sector; increased risk aversion among banks and corporates; a decline in rural demand; and a subdued global economy.
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“World Bank. 2020. India Development Update, July 2020. © World Bank. http://hdl.handle.net/10986/34367 License: CC BY 3.0 IGO.”
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