- 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
