The World Bank today said India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic.

The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World Bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.

India’s GDP is expected to contract by 9.6 per cent in this fiscal that started in March, the World Bank said in the report.