The UN Conference on Trade and Development (UNCTAD) has projected India’s economy to contract by 6.9 per cent in 2020 due to the coronavirus pandemic, is forecast to record a “stronger recovery” in 2021 and grow by 5 per cent. Further, the UNCTAD estimates the global economy to grow by 4.7 per cent in 2021.
The report noted that the deeper than expected downturn in 2020 explains in part the stronger recovery now projected for 2021 for India. According to a UN report which said the country’s current fiscal year budget points to a shift towards the demand-side stimulus, with an uptick in public investment.
Important takeaways for all competitive exams:
- UNCTAD Headquarters: Geneva, Switzerland.
- UNCTAD Founder: United Nations General Assembly.
- UNCTAD Founded: 30 December 1964.