A report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) on Tuesday, March 30, revealed that India's economic output in 2021 was expected to remain below the 2019 level.
The report comes as somewhat of a setback for India which was hoping to bounce back from the menace of the COVID-19 pandemic with the roll-out of the vaccines.
According to the 'Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies', India is estimated to record economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic's impact on normal business activity, reported The Times of India.
The Economic and Social Survey of Asia and the Pacific is the oldest United Nations report on the region's progress, published annually since 1947.
The report stated that India entered the stage of a pandemic with dejected GDP growth, after which the country faced the strict lockdown period that disturbed the economic balance in the country during the second quarter of 2020.
The report followed that with subsequent changes in the lockdown policies and success in reducing infection rates supported an improvement was seen in the third quarter of 2020.
The National Statistical Office (NSO), in its second advance estimates of the national accounts, projected about 8% contraction in 2021- 2022, referring to the effects of the pandemic.
China's swift and effective responses made it the only country that gained the positive achieving annual economic growth in 2020.