The World Bank has predicted India’s Gross Domestic Product (GDP) to grow at 8.3 per cent in 2021 in its latest report on global economic recovery post COVID-19 pandemic.
The June 2021 Global Economic Prospects report, released by the World Bank on Tuesday, notes the surge of COVID-19 cases in South Asia, especially India and the slow pace of vaccination. It also said that the recovery has done little to narrow the gap with pre-pandemic trends. The GDP in 2022 is expected to be 9 per cent lower than projected prior to the pandemic.
In India, the growth for FY 2021-22 is forecast at 8.3 per cent, supported by plans for higher spending on infrastructure, rural development, and health, and a stronger-than-expected recovery in services. The report noted however that the better growth prospects have masked significant damage to economic activity from COVID-19.
The growth for FY 2022-23 is expected to slow to 7.5 per cent, the World Bank predicted.
According to the…