NEW DELHI: Indian economy is expected to expand 8.3 per cent in fiscal year 2021-22, a report by World Bank projected on Tuesday.
In its latest issue of Global Economic Prospects, the Washington-based global lender said that even though the forecast has been revised up by 2.9 percentage points, its masks significant expected economic damage from the second wave of Covid-19.
Besides, it projected the global economy to grow 5.6 per cent this year, up from the 4.1 per cent it forecasted in January.
It said that Covid vaccinations and stimulus given by various central governments will power the fastest worldwide expansion in nearly five decades.
Here are some highlights from the report:* In India, an enormous second Covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of FY2020-21, especially in services.
* With surging Covid cases, foot traffic around work and retail spaces has again slowed to more than one-third below pre-pandemic levels since March, in part due to greater restrictions on mobility.
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