The World Bank said in its latest report that the economy was already in recession when the Kovid-19 epidemic broke out. After reaching 3.3% in FY 1 FY, growth slowed to 40 percent in FY20.
Washington: Surprisingly comes back from the Indian economy COVID-19 According to the World Bank, despite the epidemic and nationwide lockdown compared to last year, it predicted in its latest report that the country’s real GDP growth could be 7.5 to 12.5 percent for FY 21-22.
Ahead of the annual spring meeting of the Washington-based global donor, the World Bank and the International Monetary Fund (IMF), the South Asia Economic Focus report revealed that when the economy had already slowed down COVID-19 An epidemic has occurred
201 F-1. After reaching .3.3 percent in fiscal year, 201 F-1. Growth slowed to 40 percent in fiscal year, FY1111 reported.
The statement said the slowdown was due to a slowdown in private spending growth and a slowdown in the financial sector (the collapse of non-bank financial institutions), further complicating existing investment weaknesses.
Given the significant uncertainty surrounding both epidemiology and policy development, how ongoing vaccination campaigns will continue, whether new restrictions on mobility are needed, and how much real GDP growth in FY 21/21/22 could increase the rate could be 7.5 to 12.5%. The economy is based on what the World Bank said.
“It’s amazing how far India has come in compared to a year ago. If you think a year ago, the recession was 30 to 40 percent of inactivity, there is no clarity about vaccines, great uncertainty about the disease and if you compare it, Hans, the chief economist at the World Bank in South Asia, said, Vaccination has started and is leading the vaccination process, ”Timer said. PTI In an interview.
However, the situation is still incredibly challenging, seeing it experienced in both epidemics. The official said that vaccinating everyone in India is a big challenge
He said most people underestimate this challenge.
From an economic point of view, Timer said there is still uncertainty about the numbers after the return, but the main implication is that India has no growth in two years and could be more than two years per head per autumn. Income
This is the difference that India used to make. And that means there are still many parts of the economy that have not been achieved or recovered and they can survive without an epidemic. Timer said there are major concerns about financial markets.
A slight reduction in the current account deficit (percentage between FY 2012 and 2013) is expected to return as economic activity in domestic and major export markets is normal and consistent with capital flows, consistent monetary policy and abundant international liquidity.
Notice COVID-19 The report said that India’s financial system will decline in the long run, the report said that the deficit of the general government is 201F-1. It is expected to be above ten per cent of GDP by the end of the financial year. As a result, total institutions are expected to decline gradually before the total financial institutions reach about 90 percent of GDP.
Poverty reduction is expected to return to its pre-epidemic cycle as labor market prospects improve with the resumption of development.
According to the World Bank, the poverty rate (৯ 1.99 per US dollar) was expected to return to pre-epidemic levels in 2012-11, dropping from 9 percent to 4 percent from the FIY Twenty. World Bank
Timer said India’s economy has recovered from its initial crisis.
It came back much faster than we initially thought the availability of the came vaccine helped a lot there. This has made it possible to be more open and more open to increase confidence in the economy.
If you do not continue to decline or decline, it means that the economy will grow by about nine percent this year. With a few extra enhancements, you’ll double. It’s a positive story, adding to it there’s also uncertainty.
India also has an advantage over the trend of foreign direct investment compared to a few other countries.
(2) Perhaps investors in the world economy will have to make geopolitical changes to move away from China and look to India. This is an advantage, but you don’t see very strong investment, you see some of the first signs of a domestic investment recovery which is still an uncertain issue, Timmer said.
In response to a question, Timer said how fast the Indian government has made relief efforts, including the transfer of funds and the provision of debt relief to companies.
Given the difficult situation, I think it was very impressive. At the same time, it was not enough because it was one of the lessons of the crisis.
Timmer said there are a lot of people and very, very small organizations that are really hard to reach and need a more detailed design of the whole system to make your support more universal.
According to officials, India has registered 1,20,95,855 so far. COVID-19 Trial and 1,62,114 were killed.
The number of recoveries from the disease rose to 1,13,93,021, while the death rate was 1.34 percent.