On the 8th of June, the world bank predicted that the Indian economy will grow by 8.3 per cent compared to the year 2021. In the past, the world bank predicted that the Indian economy will expand by 10.1 per cent in the financial year 2021-22.
With reference to the reason for the slowdown in the Indian economy, finance, 22, is a global lending and supervision of the authority, said that India is faced with the highest number of coronavirus cases is seen in every country since the beginning of the pandemic.
The global economy is expected to grow by 5.6% in 2021,according to the world bank.
“In India, the second wave of the covid-19, the undermining of the stronger-than-expected growth in activity, seen in the second half of the fiscal year 2020/21, in particular in the services sector. With the number of covid-19 cases rising, the pedestrians on the work of the shopping area, and then fell again in March, more than a third during the pre-pandemic levels, in part due to the increased mobility of the restrictions,”the World Bank said in its latest Global Economic Prospects report.
The world bank, and also added to the fact that in the year 22, of economic activity in India are also taking advantage of the policy support, which includes increased spending on infrastructure, rural development, health, and development, as well as a bigger-than-expected recovery in the services and manufacturing.
“It is expected that the business of the future, in the same direction, but not the visual, collapse, and recovery, as observed in the first wave. The pandemic ” is going to undermine the consumer and investment spending, because of the depression, and the leftovers will be tarnished.
The growth rate is expected to fall to 7.5 per cent for the financial year 2022/23, which reflects the continued impact of covid-19 on the balance sheets of households, firms, and banks, even low levels of consumer confidence and a high level of uncertainty when it comes to job prospects and income,” the bank added.
The world bank releases its latest edition of world Economic Outlook, and expects the global economy to grow by 5.6 per cent in 2021. However, he believed that, in spite of the fact that the economy is picking up, at the end of this year, the global production of nearly 2% during the pre-pandemic forecast.
Among other things, the world bank said, in low-income countries, where vaccination is still the impact of the virus pandemic has turned the gains in poverty reduction, and the greater the uncertainty, and other underlying issues.
“In spite of this, there are encouraging signs of a global recovery, as the pandemic continues, and, in general, poverty and inequality, between people in developing countries around the world,” said World Bank Group President David Malpass.
The world bank expects the U.S. economy to reach 6.8 per cent this year, reflecting a massive fiscal support, and the introduction of the pandemic restrictions. However, China is expected to recover, to 8.5 per cent this year, reflecting the result of the pent-up demand.
And he said, adding that, excluding China, growth in emerging markets and developing economies as a whole is expected to grow by 6% this year, though growth in this group of countries is expected to be a much more modest 4.4 per cent. According to the forecasts, in order to the recovery of the economy of the country from the traditional to the market, and developing countries will have to slow down to 4.7 per cent by 2022.