Observing that the COVID-19 pandemic has led to considerable human and economic costs setting countries back on their developmental goals, the latest review said, the year 2021 is thus a "catch-up" year for the global economy including India, trying to recover the pre-pandemic output level of 2019. India to Be Among A Few Economies to Rebound Strongly; Impact of New COVID-19 Variant Omicron to Be Less Severe, Says Finance Ministry Report.