INSUBCONTINENT EXCLUSIVE:
The livelihood and income impacts have been particularly harsh for about 2 billion informal workers.India's economy is projected to grow at
7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the Covid-19
pandemic slashed domestic consumption, the UN has said
The World Economic Situation and Prospects 2021, produced by the United Nations Department of Economic and Social Affairs (UN DESA), said
The global economy shrank by 4.3 per cent last year, over two-and-a-half times more than during the global financial crisis of 2009
Covid-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and
July-September period, as the economy rebounded from a record slump of 23.9 per cent in the previous quarter due to slowdown caused by the
country began quarterly records.The Indian economy, which grew at 4.7 per cent in 2019, will contract by 9.6 per cent in calendar year 2020,
coming in a close second with a 7.2 per cent projected growth rate in calendar year 2021, the report said.According to the fiscal year
estimates released in the report, India's economy is estimated to decline by 5.7 per cent in 2020 and will return to a 7 per cent growth
rate in fiscal year 2021, slowing down again to 5.6 per cent in 2022
The report said economic growth in South Asia in 2021 will be insufficient, at 6.9 per cent, to make up for the losses of 2020, as pandemic
hotspots re-emerge and, increasingly, the ability of governments to deal with the multitude of challenges becomes exhausted
moves towards recovery from the widespread lockdown, investment and domestic consumption in many South Asian countries will nevertheless
Regional economic growth for 2022 is forecast at 5.3 per cent, which would allow South Asia to finally exceed its 2019 economic output,
On the other hand, South Asian countries that are relatively more exposed to global economic conditions, such as Bangladesh and Maldives
with their high share of foreign trade and Nepal with its dependence on tourism and remittances, will enjoy a stronger rebound, of about 10
per cent growth in 2021.Policymakers in South Asia will need to strengthen their efforts to formalise labour markets and strengthen social
protection systems to dampen the impact of the crisis on the most vulnerable and improve macroeconomic resilience, the report said
Informal workers, accounting for over 80 per cent of workers in Bangladesh, India and Pakistan have indeed been far more exposed to loss of
employment than formal workers during the crisis and South Asia's widespread informality has almost certainly magnified the impact of the
The report said the Covid-19 fiscal response in South Asia has consisted of a vast ad hoc expansion of social assistance and direct cash
transfers for the most needy, but this kind of special support is neither sufficient nor sustainable
By April, full or partial lockdown measures had affected almost 2.7 billion workers, representing about 81 per cent of the world's workforce
By mid-2020, unemployment rates had quickly escalated to record highs: 27 per cent in Nigeria, 23 per cent in India and 21 per cent in
The report noted that the pandemic exposed how stark inequality affected the ability of people to cope with the economic impact of the
The report said the livelihood and income impacts have been particularly harsh for about 2 billion informal workers with limited social
protection, especially those self-employed in the informal economy
The informal sector accounts for more than 60 per cent of jobs in a number of large developing countries, including India, Indonesia and
Mexico.It also took note that a few of the Sustainable Development Goals have seen some progress, but without sustained action this progress
Ambient water quality improved during lockdowns, for example, in the Yamuna River and Sabarmati River in India
The report said share of services in total value added has risen steadily, from 60 per cent of GDP in 2000 to 65 per cent in 2017
The importance of the services sector has risen sharply in other large developing economies, such as Brazil and India, it said
Among the developing economies, services trade is, however, highly concentrated
Just five economies (China, Hong Kong, India, South Korea and Singapore) accounted for more than 50 per cent of services exports from
developing countries in 2017
While India stands out in terms of building competitive services exports, there are also other cases that are worth highlighting like
Mauritius and Senegal, the report said.
