The country’s gross domestic product (GDP) in the current fiscal ( 2021-22) is projected to limit at 3.9 per cent, according to the World Bank’s Global Economic Prospects report launched on Wednesday.
The projection is based on the COVID-19 vaccine coverage, growth in agricultural productivity and improvements in the service sector.
The report points out the possibility that fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality could endanger the recovery in emerging and developing economies. Likewise, some South Asian nations in course of an economic rebound face the risk of another wave of COVID-19.
The report projects that global growth is expected to decelerate markedly from 5.5 per cent in 2021 to 4.1 per cent in 2022 and 3.2 per cent in 2023 as pent-up demand dissipates and as fiscal and monetary support is unwound across the world.
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