Indian economy aims to record strong resilience by 2021: UNCTAD

India’s economy, estimated to contract 6.9 percent by 2020 due to the coronavirus epidemic, is expected to record a “strong recovery” by 2021 and grow by 5 percent, according to a UN report that the current fiscal budget points to a shift in direction. demand, for public investment purposes.

Report, ‘Out of the frying pan … into the fire?’ published Thursday as a review of the Trade and Development Report 2020 by the UN Conference on Trade and Development (UNCTAD) said the global economy is expected to grow by 4.7 percent this year, faster than the 4.3 percent forecast for September 2020, resulting in a strong recovery in the US, where Progress on the dissemination of new policies and incentives for $ 1.9 trillion is expected to increase consumer spending. The report described the year 2020 as “Annus horribilis” which, although warnings about the spread of the virus have increased significantly in recent years, “no one expected -19 or its major impact on the world. ”

India is projected to buy 6.9 percent by 2020 and is expected to record 5 percent GDP growth by 2021, the report said. A September 2020 UNCTAD report said the Indian economy was expected to contract 5.9 percent by 2020 and return 3.9 percent by 2021.

“India’s growth in 2020 has dropped below the level we had expected by mid-2020. The financial backbone is lagging behind early announcements that have raised a significant increase in public spending to end the epidemic, ”said UNCTAD.
The UN agency added that the aid measures adopted by India “were not only small in scale, but also focused on reducing the problems of providing assistance and providing material support rather than joint funding.

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