UNCTAD forecasts stronger restoration for Indian economic system

United Nations, March 18

India’s economy, estimated to contract by 6.9% in 2020 due to the coronavirus pandemic, is forecast to record a “stronger recovery” in 2021 and grow by 5%, according to a UN report which said the country’s current fiscal year Budget points to a shift towards demand-side stimulus, with an uptick in public investment.

The report, ‘Out of the frying pan …Into the fire?’ published Thursday as an update to the Trade and Development Report 2020 by UN Conference on Trade and Development (UNCTAD) said the global economy is set to grow by 4.7% this year, faster than the 4.3% predicted in September 2020, thanks in part to a stronger recovery in the US, where progress in distributing vaccines and a fresh fiscal stimulus of $1.9 trillion are expected to boost consumer spending.

The report described the year 2020 as “Annus horribilis” saying although warnings about the spread of viruses have become more frequent in recent years, “nobody anticipated the arrival of Covid or its dramatic global impact.” — PTI

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