On 15th September 2021, the United Nations Conference on Trade and Development (UNCTAD) released its “Trade and Development Report 2021”, which predicts India’s Gross Domestic Product (GDP) to grow by 7.2 percent in 2021, whereas the Global Growth rate is projected at 5.3 percent.
- The report also estimates India’s GDP to grow by 6.7 percent in 2022, becoming the fastest growing economy in the World.
Key Findings of the Report:
i.The Global economic growth that saw a fall of 3.5 percent in 2020 due to the pandemic, will grow by 5.3 percent in 2021. A total of $10 trillion trade losses were made in 2020–21.
ii.Global growth rate is estimated at 3.6 percent in 2022, which will match 3.7 percent growth, its pre-pandemic estimation level for 2022.
iii.India’s GDP will grow by 7.2 percent in 2021, after witnessing a contraction of 7% (-7%) in 2020.
iv.India’s recovery will be constrained by the 6% inflation rate, which is caused by increasing food prices.
v.The economic activities in the South Aisan region will expand by 5.8 percent in 2021.
Other Important GDP forecasts:
| Rating Agency | India’s GDP Forecast for FY22 |
|---|---|
| OECD | 9.9% |
| SBI | 7.9% |
| ICRA | 8.5% |
| World Bank | 8.3% |
| IMF | 9.5% |
| Economic Survey 2021 | 11% |
Recent Related News:
In June 2021, the World Bank revised India’s GDP growth forecast for FY22 to 8.3 percent from its earlier estimate of 10.1 percent, and also projected a 7.5 percent GDP growth for India in FY23.
About United Nations Conference on Trade and Development (UNCTAD):
General Secretary – Rebeca Grynspan (Costa Rica)
Established – 1964
Headquarters – Geneva, Switzerland
