India likely to emerge as 2nd fastest-growing major economy: World Bank

According to the World Bank, India’s economy is expected to grow by 8.3 percent this fiscal year and making it the 2nd-fastest-growing major economy.  The Bank’s Regional Economic Update was released wherein it mentioned that after the lethal second wave of Covid-19 in India the pace of vaccination, which is increasing, will determine economic prospects this year and beyond.

The Regional Economic Update further mentioned that the trajectory of the pandemic will cloud the outlook in the near term until herd immunity is achieved. India’ GDP which shortened by 7.3 percent under the onslaught of the pandemic last fiscal year is expected to record the 8.3 percent growth this fiscal year, which will moderate to 7.5 percent next year and 6.5 percent in 2023-24.

Moreover, China is ahead with its economy expected to grow by 8.5 percent during the current calendar year after the Bank revised it upwards from the 8.1 percent projection in April. China’s growth rate is projected to come down to 5.4 percent next year and 5.3 percent in 2023. Last year, it grew by 2.3 percent. Bangladesh, which recorded a growth of 5 percent last fiscal year, is likely to grow by 6.4 percent this year and 6.9 percent the next. Pakistan’s economy that grew by 3.5 last fiscal year, is also expected to grow by 3.4 percent this year and 4 percent next year. Nepal’s growth is expected to rebound from last fiscal year’s 1.8 percent to 3.9 percent this fiscal year and 4.7 percent the next.

 

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