The Organisation for Economic Co-operation and Development (OECD) has marginally raised its GDP forecast for India to a contraction of 9.9% in 2020-21 (FY21) from its earlier projection of (-)10.2% in September 2020. OECD expects the GDP to rebound to 8% in 2021-22 (FY22) and 5% in 2022-23 (FY23).
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In terms of the global economy, OECD expects the world GDP to contract 4.2% in 2020. This estimate was (-)4.5 per cent in September forecast. OECD has also projected the world economy to grow by 4.2 per cent in 2021 from an earlier forecast of 5 per cent. For 2022, Global GDP is projected at 3.7%.
Important takeaways for all competitive exams:
- OECD Headquarters: Paris, France.
- OECD Founded: 30 September 1961.
- OECD Secretary-General: Jose Angel Gurria.
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