Close X
Friday, November 1, 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

JNU Student Sharjeel Imam Tells Cops Videos Of His Speeches Genuine: Report

Police cases were registered against Sharjeel Imam after a video of him allegedly making anti-national comments was widely circulated online.  

JNU Student Sharjeel Imam Tells Cops Videos Of His Speeches Genuine: Report

PICS: Canadian Artist Marcel Dzama Pays An Ode To Bollywood, Dance And Culture At The India Art Fair 2020

Inspired by the imagery of Indian movies of the 1960s, the paintings of Canada-born artist Marcel Dzama at the ongoing India Art Fair reference Indian culture and include details such as Bollywood dancers and regional wildlife.

PICS: Canadian Artist Marcel Dzama Pays An Ode To Bollywood, Dance And Culture At The India Art Fair 2020

Noted Punjabi Novelist And Storyteller Dalip Kaur Tiwana Dead

The 84-year-old Padma Shri recipient and Sahitya Akademi awardee was admitted to the intensive care unit of the hospital with acute congestion in the lungs.  

Noted Punjabi Novelist And Storyteller Dalip Kaur Tiwana Dead

‘Misunderstandings’ Resolved, Akali Dal To Support BJP In Delhi Polls

Delhi Election: Akali Dal chief Sukhbir Singh Badal also said that his party has supported the Citizenship Amendment Act from the very start.  

‘Misunderstandings’ Resolved, Akali Dal To Support BJP In Delhi Polls

Case Against Man Who Flashed Gun, Threatened Protesters At Shaheen Bagh

The man has been identified as Mohammad Luqman (50), a building contractor and a resident of Shaheen Bagh, police said.  

Case Against Man Who Flashed Gun, Threatened Protesters At Shaheen Bagh

Kunal Kamra Takes Sarcastic Jibes On Twitter After Airline Ban

After being banned temporarily by several airlines, stand-up comedian Kunal Kamra is taking sarcastic jibes at the situation on social media.    

Kunal Kamra Takes Sarcastic Jibes On Twitter After Airline Ban