Despite a recession in nearly a quarter of a century, India might be coming back as the country with the fastest growing economy in 2021. The Organization for Economic Cooperation and Development (OECD) predicts the country’s domestic product could perform better starting from the second quarter.
India economy might beat China?
The OECD says it might not be impossible for India to beat China this year. Noted from CNN, the OECD sees India’s gross domestic product to expand by 12.6% starting from somewhere around April. On the other hand, the OECD predicts China may only deliver a 7.8% growth in the year. If both countries project the forecasted figure, then India might surpass China and reclaim the “fastest-growing major economy” title.
The OECD’s forecast is not a wild bet. To support the idea, The OECD pointed out the rise in India’s gross domestic product in the final three months of 2020. The 0.4% growth took India out of its recession. Meanwhile, India economy recorded a 7% contraction in 2020 as a whole.