Indias recovery has been hampered by the largest outbreak in any country since the pandemic began
14 June 2021 Current Affairs:The World Bank published its June 2021 Global Economic Prospects. It predicts that India's GDP will grow by 8.3 percent in 2021-22. The Indian economy is expected to grow at a rate of 7.5 percent in 2022-23 and 6.5 percent in 2023-24.
Highlights:
♦ The global economy is expected to grow at a rate of 5.6 percent, the fastest rate of post-recession growth in eighty years.
♦ However, global output will still be 2% lower than pre-pandemic projections by the end of the year.
♦ India’s recovery has been hampered by the largest outbreak in any country since the pandemic began
♦ The forecast for FY22 (8.3 percent) accounts for expected economic damage from a massive second Covid-19 wave and localised mobility restrictions beginning in March 2021.
♦ Growth is expected to slow to 7.5 percent in 2022-23 as a result of the pandemic's effects on the financial position of households, businesses, and banks.
Highlights:
♦ The global economy is expected to grow at a rate of 5.6 percent, the fastest rate of post-recession growth in eighty years.
♦ However, global output will still be 2% lower than pre-pandemic projections by the end of the year.
♦ India’s recovery has been hampered by the largest outbreak in any country since the pandemic began
♦ The forecast for FY22 (8.3 percent) accounts for expected economic damage from a massive second Covid-19 wave and localised mobility restrictions beginning in March 2021.
♦ Growth is expected to slow to 7.5 percent in 2022-23 as a result of the pandemic's effects on the financial position of households, businesses, and banks.