India’s GDP Is The Fastest To Grow In The World At 6.7%
Global economy is expected to grow by 5.3% this year
Mumbai: According to a United Nations Conference of Trade and Development report, India’s economy is projected to grow at 6.7% in 2022, the fastest in the world during the year. Global growth is expected to hit 5.3 per cent this year, the fastest in almost half a century.
China is the second nation with an increasing growth rate of 5.3%. However, its 8.3% GDP growth is more than India’s 7.2% growth in 2021, it added. The global economy will increase at 5.3% with some countries restoring their output level of 2019 by the end of 2021. The future picture of the global economy beyond 2021 is still uncertain.
“Even assuming no further shocks, a return to the pre-pandemic income trend could, under reasonable assumptions, still take until 2030 – a trend that, it should be remembered, itself reflected the weakest growth rate since the end of the Second World War. This is a worrying prospect for many countries. The damage from the Covid-19 crisis has exceeded that from the global financial crisis (GFC) in most parts of the global economy but has been particularly draining on the developing world. The recent decision by the IMF Executive Board to allow a $650 billion issue of special drawing rights (SDRs), the largest in its history, offers a glimmer of hope but the international community has still to acknowledge the scale of the challenge facing many developing countries,” it added.
The world is partially recovering from the loss in 2020 amid the pandemic. By 2022, World income will still be 3.7 per cent below its pre-pandemic level.
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