India’s Growth Outlook ‘Sharply Altered’ Due To COVID-19: RBI

New Delhi: The outlook for India’s economic recovery has been sharply altered by the coronavirus outbreak, the Reserve Bank of India said in its Monetary Policy Report.

“Prior to the outbreak of COVID-19, the outlook for growth for 2020-21 was looking up,” the report said.

“The COVID-19 pandemic has drastically altered this outlook. The global economy is expected to slump into recession in 2020, as post-COVID projections indicate,” it added.

India’s economy expanded at its slowest pace in more than six years in the last three months of 2019 and was projected to clock in full-year growth of 5% which would be the lowest in over a decade.