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The World Bank warned that delayed or limited access to COVID-19 vaccines by nations in East Asia Pacific, including the Philippines, could prolong the pandemic’s economic effects and increase the risk of financial market stress.
Based on World Bank’s latest Global Economic Prospects report,
India to rebound 5.4% next fiscal after contracting 9.6% in 2020-21: World Bank issacjohn@khaleejtimes.com Filed on January 7, 2021
The third largest Asian economy saw its worst contraction in decades, with the gross domestic product shrinking by a record 23.9 per cent. Reuters
India’s GDP contracted by 7.5 per cent in the second quarter last year.
India s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21 and is expected to rebound with a growth of 5.4 per cent in 2021, the World Bank said.
The steep contraction in the current fiscal ending March 31, 2021 reflects a sharp drop in household spending and private investment, the Washington-based institution said in its Global Economic Prospects report.
India’s economy is set for its biggest annual contraction in records going back to 1952 as the rapid spread of coronavirus cases and measures to contain them hurt businesses and households. Gross domestic product will shrink 7.7% in the financial year ending March 2021, the statistics ministry said in its first advance estimate published on Thursday. That’s steeper than a 7.5% drop forecast by the Reserve Bank of India, as well as economists surveyed by Bloomberg and other agencies.
Agriculture is projected to grow at 3.4 per cent this financial year and manufacturing to contract 9.4 per cent. Trade, hotel, and transport in the services sector are projected to contract 21.4 per cent.