WASHINGTON: The United Nations has raised India s growth forecast to 7.5 per cent for calendar year 2021, marking a 0.2 per cent increase from its projection in January, but said the country s outlook for the year remains highly fragile.
The surging Covid-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world economy, said the World Economic Situation and Prospects report.
It also projected India s GDP to grow by 10.1 per cent in 2022. India has been particularly affected by a brutal second wave which is overwhelming the public health system in large parts of the country.
The UN report said the country has expanded vaccine eligibility and is ramping up supply in every possible manner but access to vaccines is unequal and insufficient to meet the massive demand. Given the fluid situation, India s growth outlook in 2021 is highly fragile, it said.
Xinhua world economic news summary at 0930 GMT, May 12
Xinhua
12 May 2021, 22:05 GMT+10
BRUSSELS The economy of the 27-member European Union (EU) will grow by 4.2 percent in 2021 and 4.4 percent in 2022, higher than the previous estimate, the European Commission said Wednesday in its Spring Forecast. The Winter Forecast made in February had projected that the EU economy would grow by 3.7 percent in 2021 and 3.9 percent in 2022. (EU-Economy-Growth) - - - - SEOUL South Korea s employment growth hit an 80-month high in April, indicating an economic recovery from the COVID-19 pandemic shock, statistical office data showed Wednesday. The number of those employed totaled 27,214,000 in April, up 652,000 from the same month of last year, according to Statistics Korea. It was the fastest increase in over six and a half years since August 2014. (South Korea-Employment-Economic Recovery)
UN report predicts stronger world economic growth Thursday, May 13, 2021 IWK Bureau
A UN report has revised up the world economic growth as a result of robust rebounds in China and the US but warned against fragilities in other economies in the context of Covid-19.
In its mid-year update of its World Economic Situation and Prospects 2021, which was released in January 2021, the UN Department of Economic and Social Affairs (DESA) now predicts the world economy will grow 5.4 per cent in 2021 instead of the 4.7 per cent forecast in January 2021, Xinhua reported.
Following a sharp contraction of 3.6 per cent in 2020, the world economy will return to positive territory as the world s two largest economies China and the US will register impressive growth, according to the mid-year update, which was released on Tuesday.
New Delhi, May 12 (Prensa Latina) The second wave of Covid-19 is destroying India s hopes of achieving an economic revival in 2021, NewsClick informed on Wednesday.
World Economic Situation and Prospects Mid-year Update - Virtual Press Conference (11 May 2021) Preview Language: English 11-May-2021 00:31:03 Virtual Press Conference by Mr. Hamid Rashid, Lead Author and Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs and Ms. Helena Afonso, Economic Affairs Officer, Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs, on the World Economic Situation and Prospects Mid-year Update.
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