A United Nations report said that India’s economic growth rate is expected to be 7.2 percent in 2021, but the growth may slow down next year. According to the report, due to the outbreak of the Kovid-19 epidemic and the negative impact of food inflation on private consumption, the process of revival in the country may be hampered.
The UNCTAD Trade and Development Report 2021 cautiously expects that the global economy is poised for a strong recovery in 2021, although there remains some uncertainty on a regional and country-wise basis. This report was released in the United Nations on Wednesday. The United Nations Conference on Trade and Development (UNCTAD) expects global output to grow by 5.3 per cent this year after falling by 3.5 per cent in 2020.
There was a contraction of 7 percent in the economy in 2020
The report said that India suffered a contraction of seven per cent in 2020 and is expected to grow at a rate of 7.2 per cent in 2021. The UNCTAD report said, “Revival in India has been hampered by the outbreak of COVID-19 and the negative impact of food inflation on private consumption.” , which is slower than the expected growth rate of 2021.
China’s growth rate will be 8.3 percent this year
According to the report, India will continue to be the fastest growing major economy in the world next year despite a slow growth rate of 6.7 per cent in 2021. According to the UNCTAD report, China can grow at the rate of 8.3 percent this year, while its growth rate will slow down to 5.7 percent in 2022.
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