About the Report: The annual report has been published by United Nations Conference on Trade and Development (UNCTAD).
Key findings of the report:
Global takeaways:
- In 2021, the global economy will grow at 5.3%, the fastest in nearly 50 years.
- The rebound is, however, highly uneven along regional, sectoral and income lines.
- These widening gaps, both domestic and international, might make resilience and growth as something enjoyed by fewer and fewer privileged people.
- It expects world output to grow 3.6% in 2022.
- Across the world, but particularly in developing regions, the damage from the COVID-19 crisis has been greater than that from the global financial crisis (GFC), most notably in Africa and South Asia.
India takeaways:
- India’s economic growth rate to hit a four-year high of 7.2% for 2021 against a contraction of 7% in 2020.
- UNCTAD projected India’s economy to outpace all other major economies in the 2022 even though the growth would be slower, at 6.7%, than 2021 projected figure.
- The country has been hit by the second wave of the pandemic, vaccine roll-out, on top of rising food and general price inflation.
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