Economy Amid COVID-19 impact, Indian economy forecast to contract 5.4% in 2020: UN Updated : September 23, 2020 09:33 AM IST India’s GDP is forecast to contract 5.9 percent in 2020 and recover to 3.9 percent next year, the report said. UNCTAD expects South Asia to contract 4.8 percent in 2020 and recover to 3.9 percent in 2021. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.