Dikhyaa Mohanty 
As per the World Bank, India’s economy is expected to grow by 8.3 per cent this fiscal year and making it the second-fastest-growing major economy. The Bank’s Regional Economic Update released where it stated that after the lethal second wave of Covid-19 in India the pace of vaccination, which is increasing, will determine economic prospects this year and beyond.
The Regional Economic Update further stated that the trajectory of the pandemic will cloud the outlook in the near term until herd immunity is achieved. India’ gross domestic product (GDP) which shortened by 7.3 per cent under the onslaught of the pandemic last fiscal year is expected to record the 8.3 per cent growth this fiscal year, which will moderate to 7.5 per cent next year and 6.5 per cent in 2023-24.
Further, China is ahead with its economy expected to grow by 8.5 per cent during the current calendar year after the Bank revised it upwards from the 8.1 per cent projection in April. China’s growth rate is projected to come down to 5.4 per cent next year and 5.3 per cent in 2023. Last year, it grew by 2.3 per cent.
Bangladesh, which recorded a growth of 5 per cent last fiscal year, is expected to grow by 6.4 per cent this year and 6.9 per cent the next. Pakistan’s economy that grew by 3.5 last fiscal year, is expected to grow by 3.4 per cent this year and 4 per cent next year. Nepal’s growth is expected to rebound from last fiscal year’s 1.8 per cent to 3.9 per cent this fiscal year and 4.7 per cent the next.
Pic Courtesy – Google
