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OECD Revised India’s FY21 GDP Forecast to -9.9% from -10.2%

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OECD predicts 9-9% contraction in India's GDP for FY21The Organization for Economic Co-operation and Development (OECD) in its December 2020 Economic Outlook titled “A Brighter Outlook But Recovery Will Be Gradual” has revised the India’s Gross Domestic Product (GDP) rate upwards to -9.9% from -10.2% projected in September for FY21.

  • It also projected that the Indian economy will rebound to 8% in FY22 and 5% in FY23 on the condition that GDP loss would be substantial.
  • On the global front also OECD decreased the contraction rate to 4.2%(-4.2%) in 2020, from -4.5% earlier.

Key Points:

— Only China’s GDP for FY 21 was projected with positive growth, the GDP rate of China for FY21 is 1.8%.

–World economy will bounce back to pre-pandemic levels by the end of 2021 but recovery will be uneven in the countries.

–Global economy to grow 4.2% in 2021, from the earlier 5%.

–India’s Agriculture sector has revived from favourable weather conditions but manufacturing and services are still facing the effects of containment measures.

Recent Related News:

i.India has been designated as ‘Vice-Chair’ of Good Laboratory Practice (GLP) Working Group of the Organisation for Economic Cooperation and Development (OECD) to recognise the contributions of the Indian GLP Programme.

ii.In accordance with the study by OECD’s Global Forum on transparency and exchange of information for tax purposes, referring to the period from July 2015 to June 2018, India was named among the top-three countries as EOI (Exchange of Information) partners along with France and Germany.

About Organisation for Economic Co-operation and Development (OECD):
Secretary General – Jose Angel Gurria Trevino
Headquarters – Paris, France
Member countries – 37.They are Australia, Austria, Belgium, Canada, Chile, Colombia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States.