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Country with the fastest-growing economy revealed

Jan 20, 2021

The country already embarked on its mass vaccination drive from 16 January 2021 onwards

India

Country with the fastest-growing economy revealed. Source: unsplash.com

According to GlobalData, with rising demand for goods and services and revival of key economic sectors amid the declining rates of COVID-19 cases, India’s GDP growth rate is forecasted to witness a V-shaped recovery with 9.72% growth in 2021.

From mid-September 2020, the COVID-19 cases exhibited a declining trend with a recovery rate of 96.5% and a fatality rate of just 1.4% of the total cases.

The data states that India’s economy will be the fastest-growing economy with a 9.72% growth rate compared to other major economies such as China (8.65%), France (6.23%), the UK (5.46%), and the US (3.96%) in 2021.

The Purchasing Managers’ Index for manufacturing and services, which declined to 26.1 and 5, respectively, in April 2020 amid lockdown restrictions, started improving since then and stood at 56.4 and 52.3, respectively, in December 2020. Indian service sector continued to recover from lockdown restrictions as liquidity constraints were eased and job restoration was on the rise during July to October 2020. Demand revival during festive season also resulted in an uptick in the manufacturing PMI over the last couple of months
Gargi Rao, Economic Research Analyst at GlobalData

At the same time, India’s Index of Industrial Production, which contracted from March to August 2020, exhibited growth from September 2020 onwards.

India’s business and other key macroeconomic indicators in short and medium-term are set to witness V-shaped recovery. The upcoming budget 2021 may further boost healthcare value chains, which is likely to improve services and pharma sectors along with infrastructure, which will help in the revival of economic activities. Moreover, the revival of global demand and export promotion strategies by the government is expected to put India on a steady growth path compared to other major economies in 2021
Gargi Rao, Economic Research Analyst at GlobalData

We’ve reported that while 1 in 2 of the richest 20% of India’s households use e-payments, up to 1 in 4 of the poorest 40% also use them.

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