Close X
Tuesday, November 5, 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

Indian-American Contestant Shree Saini Collapses Before Miss World America Final Night, See Pic

Indian American beauty Shree Saini collapsed right before Miss World America final night of the competition. Shree will stay in a hospital for a "cardiac arrest watch", says her mother.

Indian-American Contestant Shree Saini Collapses Before Miss World America Final Night, See Pic

Murshidabad Triple Murder Solved, Accused Arrested: Police

Murshidabad's Superintendent of Police Mukesh Kumar told media persons that Utpal Behera - a youth from Sahapur village under Sagardighi police station - was arrested on Monday night.

Murshidabad Triple Murder Solved, Accused Arrested: Police

Amarinder Singh Slams Pakistan For $20 Fee To Visit Kartarpur

Amarinder Singh made it clear that he would not be visiting Pakistan but would merely go through the special corridor to visit Kartarpur Gurdwara Sahib.

Amarinder Singh Slams Pakistan For $20 Fee To Visit Kartarpur

Daughter Lost On Welcoming Daughter-In-Law: Madras High Court On Techie Subhasree's Death

Justice CV Karthikeyan also sought to know why the former AIADMK councillor C Jayagopal went missing for 12 days after the incident.  

Daughter Lost On Welcoming Daughter-In-Law: Madras High Court On Techie Subhasree's Death

Mumbai Doctor With Account In PMC Bank Kills Herself, Police Deny Link

The woman was suffering from depression for the past few years, police said (Representational)  

Mumbai Doctor With Account In PMC Bank Kills Herself, Police Deny Link

Like ‘Pickpocket’, Modi Diverts Attention From Issues: Rahul Gandhi

Congress leader Rahul Gandhi on Tuesday called Prime Minister Narendra Modi a “loudspeaker” of certain industrialists, and said his strategy was like that of a “pickpocket” who diverts attention to steal.

Like ‘Pickpocket’, Modi Diverts Attention From Issues: Rahul Gandhi