Global economy seen to expand 4% in 2021: World Bank
KUWAIT CITY, Jan 7: The gross domestic product (GDP) of Kuwait is expected to grow 0.5 percent in 2021 and 3.1 percent in 2022 after a contraction of 7.9 percent last year, according to the Global Economic Prospects for January 2021 released by the World Bank recently. In other countries in the Gulf, the forecast for Bahrain is 2.2 percent in 2021 and 2.5 percent in 2022, 0.5 percent in 2021 and 7.9 percent in 2022 for Oman, 3.0 percent in 2021 and 2022 for Qatar, 2.0 percent in 2021 and 2.2 percent in 2022 for Saudi Arabia, and 1.0 percent in 2021 and 2.4 percent in 2022 for the United Arab Emirates.
The COVID-19 pandemic caused output losses in the Middle East region of an estimated 5% in 2020. Employment losses spiked in many economies and employment remains depressed. The income shock from the pandemic is expected to increase the number of people below the $5.50 per day poverty line in the region by tens of millions this yea
World Bank expects global economy to expand by 4% in 2021
Policy makers must move decisively, according to January’s Global Economic Prospects, and although it is already growing again following the 4.3 per cent contraction of 2020, the COVID-19 pandemic has caused “a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period”, said a press release issued by the World Bank – a key financial institution within the United Nations system.
Immediate policy priorities should now focus on controlling the spread of coronavirus and ensuring rapid and widespread vaccine deployment. “To support economic recovery, authorities also need to facilitate a re-investment cycle aimed at sustainable growth that is less dependent on government debt”, the Bank advises.
Govt Estimates 7.7% Contraction In GDP Due To Covid Pandemic
Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply
Representational image. Outlook Web Bureau 2021-01-07T20:15:49+05:30 Govt Estimates 7.7% Contraction In GDP Due To Covid Pandemic outlookindia.com 2021-01-07T20:19:25+05:30
While India’s economy is still trying to recover, government projections of India’s GDP point to another setback.
As per government projections, India s GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments.
India s GDP expected to contract by 7.7% in 2020-21
India s GDP is expected to contract by 7.7% in 2020-21 as compared to 4.2% growth in 2019-20, said Ministry of Statistics & Programme Implementation on Thursday.
Real GDP is expected to contract by 7.7% in 2020-21 as compared to 4.2% growth in 2019-20: Ministry of Statistics & Programme Implementation pic.twitter.com/qRsF26pm1O ANI (@ANI) January 7, 2021
Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021. Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the Provisional Estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore.
NEXT to the World Bank’s forecast on economic expansion in Pakistan during the present fiscal year, the State Bank’s growth projections in its flagship State of Pakistan’s Economy report for the first quarter of FY2021 will appear far too optimistic. While the World Bank’s Global Economic Prospects 2021 says Pakistan’s economy will grow by a 0.5pc this fiscal, the SBP believes that it could expand by up to 2pc in line with the target set by the government in its budget. The central bank has tried to tamper its estimate by cautioning that the recovery faces downside risks owing to “intensification of the second wave of the pandemic”. Still, it may appear to many as the SBP’s desire to avoid stepping on the toes of the government, which is trying to sell the recent improvement in short-term economic trends to the people as a success of its policies.