The United Nations Conference on Trade and Development (UNCTAD) report for 2021 predicted that the global economy will rebound strongly in 2021.

Following a 3.5% drop in 2020, the UNCTAD predicts that global output will grow 5.3% this year, partially regaining ground lost in 2020. According to the report, the Indian economy contracted by 7% in 2020 and is expected to grow by 7.2% in 2021.

The ongoing human and economic costs of Covid-19, as well as the negative impact of food price inflation on private consumption, are limiting India's recovery, according to the UNCTAD report.

According to the report, India's economy will grow by 6.7% in 2022, which is lower than the country's expected growth rate in 2021. In the second quarter, the Central Bank expects a sharp contraction (quarter-on-quarter).

In the second quarter, the Central Bank predicts a sharp contraction, followed by a rebound.

Given the inherent complexities of dealing with the pandemic and restoring employment and incomes, the report estimates that growth in 2021 will be only 7.2%, insufficient to return to pre-Covid-19 levels.

Consumer inflation in India was already at 6% before the pandemic, according to the report. The Covid-19 shock caused a brief drop in prices, but as the economy recovered and food prices rose, the country's inflation rate returned to 6% by mid-2021.

According to UNCTAD, global growth is expected to reach 5.3% this year, with some countries resuming or even exceeding their output levels from the previous year by the end of 2021. UNCTAD predicts that the region's growth rate will moderate to 5.7% by 2022.

Only a concerted rethinking of priorities can address the inequity and climate crises that have come to define our time.

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