India to grow fastest among G20 economies despite coronavirus impact, says EIU report
Despite the coronavirus cases growing daily, India will rise as the fastest growing economy among the G20 countries, says a report by the Economist Intelligence Unit (EIU), who in the light of coronavirus pandemic slashed India's GDP growth forecast from 6 percent to 2.1 percent. GDP forecast may be a huge downgrade but given the projected recession in other regions like US, Europe and Latin America, India will be a fastest growing nation and will be only among three countries in G20 along with China and Indonesia. With worst negative growth of 7 percent, Italy will get a huge hit.
All the G20 countries will likely go into a recession due to COVID-19 impact, EIU said in a report.
A EIU report said, due to coronavirus outbreak, growth forecast of all the countries around the world has been revised and the result shows a bleak picture. Among G20 nations, all but 3 countries will face a recession this year. The global economy will contract by 2.2 percent.
With recessions in almost every developed economy across the world. The global economic picture is looking bleak. There may be a recovery in second half of the year, report said.
The EIU has forecast that the US economy will contract by 2.8 percent this year. The administration's initial response to the coronavirus was poor, allowing the illness to spread quickly.