When it comes to the year 2020, there is hardly anyone in the whole world who missed out on sharing their bitter experiences during this cursed year. The worst hit was the global economy. The whole world knows the importance of money, as it is the driving force to live a peaceful and prosperous life for any person across the globe. The lockdown impose and other significant efforts made by the government to control the dreadful effects of COVID-19 badly impacted the level of domestic consumption. The experts say that economic growth of India is projected to grow at 7.3 percent in 2021, even as it is estimated to contract by 9.6 percent in 2020.
The United Nations Department of Economic and Social Affairs generated World Economic Situation and Prospects 2021. It revealed the world economy was worst hit by a once-in-a-century global crisis caused by the covid-19. The last year had been the worst performer in terms of economic growth, the global economy shrank by 4.3 percent previous year, over two and half times more than the financial crisis observed in the year 2009.
What experts forecast about India’s economic growth
India will be observing the highest percentage of growth rate with 7.3 per cent in the year, followed by China as the second fastest growing major economy with 7.2 per cent, the report says. The fiscal estimate reveals around 5.7 per cent of decline, and will gain 7 per cent growth rate in the year 2021.
The report also revealed that growth in South Asia in 2021 will not be sufficient at 6.9 per cent, to overcome the losses of 2020. Owing to the multiple challenges being faced by the governments to fight the global crisis deeply affected the ability to rise with the pace.
As the global economy moves towards the recovery from widespread lockdown, domestic consumption and investment in several South Asian countries will still remain in tiresome phase due to the continuous threats of pandemic and scarring effects of the crisis.
Trade, consignments and investments are expected to rise in 2021
The regional economic growth for 2033 is forecast at 5.3 per cent, that will encourage South Asian countries to surpass their economic output. Also, South Asian countries like Bangladesh and Maldives have high shares of trade and will figure out a stronger rebound of about 10 per cent growth in 2021.
It all depends on policymakers how they strategize the whole thing in formalizing the labour markets, and strengthening social protection systems to reduce the bad impacts of crisis on sectors that are crucial.
What IMF predicts on India’s economic growth in 2021?
The international monetary fund on 26th of January estimated around 11.5% of India’s growth rate for the economy of India in the year 2021. This estimation was projected by IMF in its World Economic Outlook report for January suggesting that India will be the only major economy to figure out two digit growth this year followed by China.
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