Tribune News Service
New Delhi, March 31
The World Bank has forecast 10 per cent GDP growth for the Indian economy in the next fiscal year that begins tomorrow.
"This is a substantial upward revision of 4.7 per cent from January 2021 forecasts, but the pandemic is not yet under control and the recovery remains fragile, calling for vigilance," said Hartwig Schafer, World Bank Vice-President for the South Asia Region.
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'Recovery remains fragile'
This is a substantial upward revision of 4.7% from Jan 2021 forecasts, but the pandemic is not yet under control and the recovery remains fragile, calling for vigilance.
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The GDP of other South Asian nations is also expected to grow — Bangladesh by 3.6 per cent, Nepal's by 2.7 per cent and Pakistan's by 1.3 per cent, said the World Bank days ahead of its spring meeting that will shape up the policy responses of Bretton Woods Institutions towards debt, climate, vaccines and economic recovery.
The World Bank, however, sounded a warning on two fronts —growth was not just uneven, but it was also fragile.
As economic activity is well below pre-Covid-19 estimates, businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses and falling incomes, said the World Bank's twice-a-year regional update.
The improved economic outlook reflects South Asian countries' efforts to keep their Covid caseload under control and swiftly roll out vaccine campaigns, it noted.
But the pandemic laid bare South Asia's deep-seated inequalities and vulnerabilities, the report said, while recommending universal social insurance to protect informal workers.
from The Tribune https://ift.tt/3uabW4L
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