Industry body FICCI on Sunday said its Economic Outlook Survey has projected the country’s annual median GDP growth for 2020-21 at (-) 4.5 percent. With the rapid spread of COVID-19 pandemic manifesting into an economic and healthcare crisis globally, the latest forecast marks a sharp downward revision from the growth estimate of 5.5 percent reported in the January 2020 survey, it said. In May, the Reserve Bank had said the GDP growth during 2020-21 is likely to remain in the negative territory. Releasing details of the survey, FICCI said the present round of ‘Economic Outlook Survey’ was conducted in June 2020 and drew responses from leading economists representing industry, banking and financial services sector. “The latest round of FICCI’s Economic Outlook Survey puts forth an annual median GDP growth forecast for 2020-21 at (-) 4.5 percent – with a minimum and maximum growth estimate of (-) 6.4 percent and 1.5 percent respectively for 2020-21,” it said.

(Moneycontrol)