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India expected to regain status as the world’s fastest growing economy

by Ashima

This comes after the country dipped into a recession.

By Nafisa Singhsachathet

According to a forecast released Tuesday by the Organisation for Economic Cooperation and Development (OECD), India’s gross domestic product (GDP) is estimated to expand by 12.6% following the month of April. Experts say that if India does manage to expand that fast, and by that much over the course of 2021, the country will reclaim its position as the fastest growing economy in the world, surpassing even China.

After diving into recession for the first time in 25 years, India’s economy recorded a rise in gross domestic product of 0.4%in the final three months of 2020, officially ending its recession and sparking hope for the new year of 2021. This comes after news that during 2020, the Indian economy contracted by an approximate 7%.

In comparison to other countries, the OECD expects the world economy to grow by 5.6% in 2021 as a result of developments in the field of COVID-19 vaccines, stimulus announcements, and easing of travel restrictions. Globally, India tops the table, China is predicted a growth of 7.8%, the U.S. to expand by 6.5% this year, and Europe (nations under the EU) is only predicted to expand by 3.9%, while the UK will grow by 5.1%.

Featured image: www.newsonair.com

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