02 August, 2021

Pandemic Growth Is the Worst Over Yet?

India may eventually regain its No. 5 rank among world economies. But the bounce-back won’t be risk-free.

Pandemic Growth Is the Worst Over Yet?

Recent studies are optimistic that 2021 will see India ­re-em­erge among the fastest grow­ing economies. According to the Organisation for Eco­no­mic Cooperation and Development (OECD), after recording a contraction of 9.9 per cent in 2020, the Indian economy is expected to rebound and grow 7.9 per cent in 2021 and 4.8 per cent in 2022, following the trend of the global economic recovery. From a contraction of 4.2 per cent this year, global GDP is expected to bounce back to a growth rate of 4.2 per cent in 2021, the 37-member OECD, comprising mostly developed economies, said in a review. Forecasting that the world economy will return to pre-pandemic growth levels by the end of next year, OECD warned that the recovery will be uneven across countries and downside risks persist.

“For the first time since the pandemic began, there is now hope for a brighter ­future,” OECD chief economist Laurence Boone wrote in the report. “Progress with vaccines and treatment has lifted expectations and uncertainty has receded. Thanks to unprecedented...

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