UN:India projected to grow at 10.1 per cent in next year

United Nations has said that India will be the world's fastest growing major economy in 2022 but cautioned that the growth outlook of 2021 was "highly fragile" as the country was the "new hotbed of the pandemic." In its mid-year update of the World Economic Situation and Prospects (WESP), United Nations projected that the Indian economy will grow at 10.1 per cent in the calendar year 2022. The mid-year update said that India will register a 7.5-per cent growth rate in calendar year 2021, after an estimated contraction of 6.8 per cent in 2020. The January World Economic Situation and Prospects report had estimated that the Indian economy will contract by 9.6 per cent in 2020, and projected a 7.3 per cent growth rate in 2021 and a 5.9 per cent GDP growth in 2022. 
China has been projected to grow at 5.8 per cent, a slowdown from 8.2 per cent in 2021. The report however noted that the growth outlook is "bleak" for a large number of countries in Africa, South Asia as well as Latin America and the Caribbean, where the pandemic is still raging, adding that for a vast majority of developing countries, economic output will remain below 2019 levels for most of 2021. "Amid insufficient fiscal space to stimulate demand, many of these countries will face low and stagnant growth and the prospect of a lost decade," it said. Economic growth in South Asia will return in 2021 at 6.9 per cent against a 5.6 per cent drop in 2020, but the recovery will be very uneven, and the scarring effects will run deep, it said.