For which major economies like India, China, America have a hand where the situation is rapidly returning to normal
Ground Report | New Delhi: The World Bank on the growth in the global economy, has shown that India’s GDP growth rate is estimated to be around 8.3 percent in 2021-22. Whereas in 2020 this rate was -7.3 percent. This is evidence that the Indian economy is once again getting back on track, although this GDP growth rate is not as high as previously estimated, before the World Bank in April 2021 estimated the Indian GDP to grow by 10.1 percent.
The Global Economic Prospects, a report released “The biggest reason for this is the second wave of covid, which once again forced the country to impose a lockdown, which has also affected economic development. However, if we look at the current data related to covid-19, then in the recent few days there has been a decrease in the cases of coronavirus, due to which the lockdown is being relaxed in many states so that the situation can become normal.
At the same time, the GDP growth rate is expected to be 7.5 percent in 2022-23, while it is estimated to be 6.5 percent in 2023-24. If compared with its neighboring countries, then the GDP growth rate of India is quite good.
While Bangladesh’s GDP growth rate is estimated to be 3.6 percent in 2021-22, it is likely to be only 1.3 percent in Pakistan. However, China’s position is slightly better than India where its GDP growth rate is likely to be 8.5 percent. On the other hand, if we talk about the entire South Asian region, then the GDP growth rate is estimated to be 6.8 percent.
According to the World Bank, India has spent more on infrastructure, rural development and health, as well as India will also benefit from a faster recovery than expected in services and manufacturing.
If we look at the global level, according to the World Bank, the GDP growth rate is estimated to be 5.6 percent in 2021-22. At the same time, it is estimated to be 6.8 in America, 4.2 in Europe, and 2.9 percent in Japan. It is clearly visible that this is the first time in the last 80 years that the economy is getting back on track at the fastest pace after the economic slowdown.
For which major economies like India, China, America have a hand where the situation is rapidly returning to normal. But it cannot be denied that this growth rate in GDP is not the same all over the world. Still many countries are struggling with their economy.
The position of weak and backward countries is worse in terms of GDP growth. Where it is estimated to be -3.4 percent in South Sudan in 2021. On the other hand, there is a possibility of -0.5 in Haiti, 1 percent in Afghanistan and Chad, 1.3 percent in Pakistan, and 1.8 percent in Nigeria. This clearly shows that even though the condition of the global economy is gradually improving, there are still many countries where the situation is much worse.