New Delhi: The Paris-based Organisation for Economic Co-operation and Development (OECD) in its report said India’s (GDP) growth is likely to be the fastest in world.
The interim economic outlook report said :“The recovery in activity continued in the fourth (December) quarter of 2020, despite coronavirus outbreaks in many economies.
Global output remained around 1 per cent lower than prior to the pandemic, with marked variation in the pace of recovery across economies, the OECD said in its interim economic assessment report. It mentioned coronavirus vaccine production in the country is “super encouraging”, but deployment speed will be critical for recovery.
The OECD chief economist emphasised that if don’t inoculate a majority of the population fast to allow curbs to be lifted, the recovery will be slower and we will undermine the benefits of fiscal stimulus.
Separately, rating agency Crisil projected India’s GDP growth to rebound to 11 per cent in FY22, after an estimated 8 per cent contraction in FY21 driven by flattening of the Covid-19 affliction curve, rollout of vaccinations and investment-focused government spending and people learning to live with the new normal.
However, the agency mentioned the recovery won’t be easy, with scars of the pandemic deep for small businesses and the urban poor. The rural economy has been more resilient versus urban, and services are lagging manufacturing in recovery.
