He said the latest World Economic League Schedule 2021, published by the Center for Economic and Business Research (CEPR), which has forecasts for 193 countries until 2035, has worked the table on the impact of the Govt-19 epidemic on global economies. .
“While almost all countries are affected by the epidemic, one of its impacts is to redistribute economic momentum between the worst countries in Asia and Europe,” the CEBR said in its report, estimating that the epidemic will cost $ 6 trillion in GDP by 2020.
“India has been somewhat shaken by the impact of the epidemic. As a result, after overtaking the UK in 2019, the UK is once again ahead of India in this year’s forecasts and is advancing to 2024 before India takes charge again, ”the report said.
According to the International Monetary Fund, India is set to become the fifth largest economy in 2019, ahead of the UK and France.
Asia’s third-largest Indian economy has been hit hard by the world’s severe locks imposed to prevent the spread of the deadly Govt-19 epidemic. The economy contracted by 23.9% in the June quarter as economic activity stalled. This is one of the sharpest contractions between the major and G20 economies. But the unlocking and easing of restrictions since June led to a sharp recovery and the contraction fell to 7.5% in the September quarter. The Reserve Bank of India has forecast that the economy will return to positive territory in the third quarter of the current financial year ending March. The economy is forecast to record strong growth in 2021-22 due to low fundamentals and the pace of recovery, which continues in the wake of the measures unleashed by the government and the central bank.
The abrasive impact of the economy has also made it clear that India will have to wait to reach its $ 5 trillion economic growth target by 2024. Economists say it will take a few years for India’s economy to return to 7% -8% growth. .
“We estimate that world GDP will fall by at least 4.0% this year, which is clearly a big mistake. If it is correct, this fall will be more than double during the financial crisis of 2009, and the largest drop in GDP in a year since 1931,” he said. Except for the war-torn years. ”
“There should be a sharp economic recovery with a growth rate of 3.4% of global GDP by 2021, as both fiscal and monetary action will be taken on the promised comprehensive scale, although global GDP will be 2022 before it exceeds the 2019 level,” the report added.
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