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World Bank pegs India’s growth at 5 pc in FY20

World Bank pegs India’s growth at 5 pc in FY20

Washington: The World Bank has projected India’s growth at five percent in the current financial year 2019-20 which is set to recover to 5.8 percent in the following fiscal year.

In its latest semi-annual Global Economic Prospects report, the World Bank said that weakness in credit from non-bank financial companies is expected to linger.

“In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to 5 percent in the financial year 2019-20, which ends March 31 and recover to 5.8 percent the following fiscal year.”

Globally, the bank projected that economic growth is projected to recover to 2.5 percent in 2020 from 2.4 percent in 2019.

However, the bank has noted that downside risk persists that might have an impact on the world’s growth.

“Nevertheless, downside risks predominate including the possibility of a re-escalation of global trade tensions, sharp downturns in major economies, and financial disruptions in emerging market and developing economies,” the report said.

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