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...
