On May 31, 2021, The Organisation for Economic Co-operation and Development (OECD), in its Economic Outlook, reduced India’s Gross Domestic Product (GDP) growth forecast in 2021 to 9.9 percent from its earlier projection of 12.6 percent (March 2021).
- Due to the COVID-19, it projected GDP growth for India at 10 percent in FY22 and ~8.25 percent in FY23.
- It also projected India as the fastest-growing G20 economy in 2021, and the one that is the furthest away from its pre-crisis GDP trend.
ii.Global Growth Projections: OECD revised its Global GDP growth for 2021 to 5.8 percent from its earlier projection of 4.2 percent (December 2020). It also expects the global GDP to grow at 4.4 percent in 2022.
Recent Related News:
International Monetary Fund (IMF) in its biannual World Economic Outlook report has hiked its growth projection of India for FY22 by 1% to 12.5% from 11.5% of its January 2021 estimation, due to the normalization of economic activity.
About Organisation for Economic Co-operation and Development (OECD):
HeadQuarter -Paris, France
Secretary-General – Mathias Cormann
Members Countries – 38, Costa Rica has become the OECD’s 38th Member country