It’s now been nearly two years since the pandemic began, and we are still not out of the woods. The Omicron variant is still spreading and the Delta wave is not yet over. But this is not 2020. Unlike then, we today have several vaccines and at least two therapeutic drugs in production and others in the pipeline. While vaccination rates differ widely across the world, the days of lockdowns and other extreme forms of social distancing are likely behind us. As such, we expect the strong global economic recovery underway to continue, perhaps with a few stumbles.
In 2021, the global economy is likely to have grown around 5.8 per cent, up from the -3.3 per cent registered in 2020. For 2022, we expect an above-trend growth rate of 4.3 per cent. But the recovery will remain uneven and incomplete. Developed economies have recovered more strongly than emerging and developing economies, where the recovery will remain incomplete compared to the prepandemic path even by end-2022. This should not be surprising. The pandemic was primarily a public-health crisis that required strong fiscal support to mitigate the economic fallout. Developed economies have much better public-health ecosystems and more fiscal space than others. These differences are showing up in the uneven pace and completeness of the recovery.
This story is from the January 17, 2022 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 17, 2022 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Mamata Pushback
The West Bengal Chief Minister Faces A BJP Onslaught On Issues Like Corruption And Women's Safety. Unwilling To Yield An Inch, The TMC Is Building A Narrative That The Saffron Party Is 'Anti-Bengali'
Who Will Win The Mahayuddh?
In Maharashtra's Most Complex Political War Ever, Shifting Alliances Fuel A Gripping Saga Of Power Struggles And Betrayals In The Pursuit Of Votes
Grand Young Master
Seventeen-yearold D. Gukesh has become the youngest player to win the Candidates chess tournament
SPORTING SPIRIT
BADMINTON PLAYER ASHWINI PONNAPPA, 34, IS OFF TO HER THIRD OLYMPICS, THIS TIME WITH A NEW PARTNER, TANISHA CRASTO
PORTRAITS OF A PEOPLE
Etchings by the colonial Flemish artist F. Baltazard Solvyns are getting a new lease of life in an exhibition at the Dr. Bhau Daji Lad Museum, Mumbai
Centennial Man
A seminal exhibition of K.G. Subramanyan's works in his birth centenary year at Emami Art, Kolkata takes an imaginative and immersive curatorial approach
Rhythms of Nature
ARTIST AND MUSIC COMPOSER GINGGER SHANKAR'S LATEST SINGLE COMBINES SOUTH INDIAN MUSIC WITH INUIT THROAT SINGING
SEARCHING FOR THE SOUND
Kashmiri musician Faheem Abdullah’s debut album Lost; Found is a collaborative effort
FOUND IN TRANSLATION
With its excellent translations, Songs of Tagore makes Rabindrasangit accessible to the non-Bengali reader
Of Freedom and Friendship
T.C.A. RAGHAVAN'S CIRCLES OF FREEDOM FOLLOWS THREE YOUNG MUSLIMS DRAWN INTO THE FREEDOM STRUGGLE