India's economy projected to record stronger recovery in 2021: UN Report

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-19 or its dramatic global impact.

India's economy, estimated to contract by 6.9 per cent in 2020 due to the coronavirus pandemic, is forecast to record a "stronger recovery" in 2021 and grow by 5 per cent, according to a UN report which said the country's current fiscal year budget points to a shift towards the 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 per cent this year, faster than the 4.3 per cent 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 USD 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-19 or its dramatic global impact.