Close X
Tuesday, November 26, 2024
ADVT 
India

World Bank cuts India's growth forecast for FY22 to 8.3%

Darpan News Desk IANS, 08 Jun, 2021 04:20 PM
  • World Bank cuts India's growth forecast for FY22 to 8.3%

New Delhi, June 8 (IANS) The World Bank has lowered the growth projection for India for the financial year 2021-22 to 8.3 per cent. Its previous growth estimate for the fiscal was 10.1 per cent.

"In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," said the World Bank's global outlook released on Tuesday.

The global economy, on the other hand is set to expand 5.6 per cent in 2021, its strongest post-recession pace in 80 years.

"This recovery is uneven and largely reflects sharp rebounds in some major economies -most notably the United States, owing to substantial fiscal support, amid highly unequal vaccine access," it said.

In many emerging market and developing economies (EMDEs), elevated Covid-19 caseloads, obstacles to vaccination, and a partial withdrawal of macroeconomic support are offsetting some of the benefits of strengthening external demand and elevated commodity prices, the report noted.

Globally, it also noted that following a 3.5 per cent contraction caused by the Covid-19 pandemic in 2020, economic activity has gained significant momentum. However, it remains well below pre-pandemic projections.

Moreover, the recovery is uneven, passing over many poorer countries, and there is considerable uncertainty about its durability, it added.

MORE India ARTICLES

'More Of Us Will Speak Every Day'; Celebrities Condemn Earlier FIR

Over180 members of the cultural community, including actor Naseeruddin Shah, cinematographer Anand P...

'More Of Us Will Speak Every Day'; Celebrities Condemn Earlier FIR

We'll Treat Her To Halwa Puri: Kuldeep Bishnoi vs TikTok Star Sonali Phogat In Haryana

As a teenager, she worked in the fields, even driving her father's tractor. She went on to become an actor, and more recently a Tik Tok sensation.

We'll Treat Her To Halwa Puri: Kuldeep Bishnoi vs TikTok Star Sonali Phogat In Haryana

Pepsi Makes Its Debut In Fashion Industry

Pepsi will mark its foray into the fashion industry through a collaboration with homegrown ready-to-wear label HUEMN, launching at FDCIs upcoming Lotus India Fashion Week SS20.

Pepsi Makes Its Debut In Fashion Industry

Why Punjabi Singer Gurdas Maan Cancelled Durga Puja Performance In Kolkata

Veteran Punjabi Singer Gurdas Maan has cancelled his performance at a Durga Puja event in Kolkata after being informed of the venue's unethical encroachment of Sikh morals.

Why Punjabi Singer Gurdas Maan Cancelled Durga Puja Performance In Kolkata

Indian Women In UAE Launch Mission To Protect Environment

Indian Women In UAE Launch Mission To Protect Environment
In an interview with Gulf News, Sunita Wagle, President of the ILA, said on Sunday: "We just collected 500 kg of paper from the community. It included used office papers, magazines, books, paper bags, notebooks, textbooks and newspapers copies."  

Indian Women In UAE Launch Mission To Protect Environment

Nusrat Jahan In Firing Line Of Muslim Cleric For Celebrating Durga Puja, Twitterati Give More Power To Her After Cleric Threat

Twitterati on Monday slammed a Muslim cleric for targeting Trinamool MP and actor Nusrat Jahan for attending Durga Puja festivities in Kolkata.    

Nusrat Jahan In Firing Line Of Muslim Cleric For Celebrating Durga Puja, Twitterati Give More Power To Her After Cleric Threat