India’s GDP is the third largest in Asia and fifth overall, and the International Organization for Economic Co-operation and Development (OECD) estimates that it will grow by 12.6 percent by 2021.
The key credit for this must go to the pace of vaccination and new government incentives to support the economy
Among European countries, France should experience the fastest growth rate
Last year, India saw a recession for the first time in almost a quarter of a century, but has recovered to black numbers in the last three months, which is predicted to be encouraging this year. OECD Further growth should continue. What’s more, no other developed country in the world can match this.
Until recently She broke down However, many analysts on the Indian economy predict that the latest estimates will return to prominence in 2021. Based on the speed of recovery from the current corona virus crisis.
It is currently the second most populous state on the planet. The country is succeeding in accelerating the task of distributing vaccines, and in addition, government programs that support the local economy seem to be working. In addition, the recently announced antiviral measures have not caused as much damage to its GDP as previously thought, and therefore, according to the multinational organization, “India’s economic prospects have improved significantly in recent months”.
Overall, India’s GDP contracted significantly last year, but the OECD forecasts growth of 12.6 per cent this year.
History will (probably) happen again
Surprisingly, as forecast, this is not the first time India, with a population of over 1.3 billion, has been in this situation. It last paid off for the world’s fastest-growing economy two years ago, when it moved to China at the top of the fantasy rankings. According to current estimates, it will grow at a rate of 7.8 percent this year, which is comfortably enough in second place. The United States has withdrawn a further 1.3 percentage points.
Even in their case, OECD researchers have been very skeptical lately. According to original estimates, the US economy is expected to grow by only 3.3 percent this year. However, following the approval of Biden’s $ 1.9 trillion (approximately 41 trillion crowns) rescue package, one of the largest in the country’s history, they had to significantly adjust their predictions. The package is to provide vaccines, medical supplies and compensation to the affected companies and homes.
Last year, Czech GDP fell sharply since the establishment of an independent republic. Nevertheless, the researcher says the result is very positive
How does Europe stand in the eyes of the OECD? France should see very fast growth – perhaps a little surprising. The Gaelic rooster country’s economy is expected to improve by 2021, or 5.9 percent. Spain is behind it, then no one is long, then Italy, where +4.1 percent burns.
The euro area will grow by 3.9 percent, the G20 by 6.2 percent and the global economy as a whole by 5.6 percent. However, the OECD keeps the back door open and adds a second breath, although for many countries its current economic outlook for 20201 is far more favorable than before, these estimates need to be taken with caution. The rate of vaccination will vary from country to country, and there is a risk of viral mutations in the coming months, depending on the current type of vaccine.
Conflicting signals from the eurozone
Incidentally, an important, but at the same time somewhat controversial, report came from the euro area, i.e. the group of 19 countries, where the euro will be paid on Tuesday afternoon. According to the European Union Statistics Office Eurostat In the last quarter of last year, its economy fell sharply than analysts had initially expected. Local GDP declined by 0.7 percent compared to the previous quarter. Previous estimates were assumed to be one-tenth of a percentage point.
According to Eurostat, the imaginary line in the budget was drawn by low household consumption, which is due to the fact that in many countries new anti-drug measures were introduced in early autumn and winter. On the other hand, the euro area improved by the same percentage point year-on-year, eventually falling to “only” 4.9 percent. According to updated data, overall EU GDP fell 4.6 percent year-on-year in the final quarter of last year (initially it should have been 4.8 percent).