With growth rate of 12.6%, India could become world's fastest-growing economy: Report

WION Web Team
New Delhi, Delhi, India Published: Mar 10, 2021, 07:12 PM(IST)

Representative image. Photograph:( Reuters )

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The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said

India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said. 

The report also projected the Indian economy to grow at 12.6 per cent, the highest among the G20 countries in the financial year 2021-22. 

It said if India achieves the projected growth, the country will "reclaim its status as the fastest-growing major economy from China."

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The projections have come after India recorded a 0.4 per cent rise in GDP in the last quarter, ending two back-to-back negative growth rates. 

The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said.

It said that in recent months global economic prospects have improved considerably due to a gradual supply of effective vaccines and countries have announced more fiscal support. 

"Significant fiscal and monetary support continues to underpin activity. Additional discretionary fiscal measures announced in several countries during the past three months will add to the overall support this year, including in the US, Japan, Germany, Canada, and India," the report said.
 

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