New Delhi: In a much-needed dose of good news, Deutsche Bank Research analysts in their August report “World outlook: Interim update and longer term projections” reported recovery in many countries has “progressed faster” than the team predicted in their previous report in May, “World Outlook Update: Turning Gloomier”.
“Across most areas of the globe, recovery from historic economic disruptions has been progressing somewhat faster than we had anticipated in our last report,” said Peter Hooper, Deutsche Bank’s global head of economic research.
Hooper highlighted Asia and some parts of Europe as regions where “management of the pandemic has proceeded better than anticipated and supportive fiscal policies exceeded our expectations”.
In its projections, the Frankfurt-based Deutsche Bank revised upwards the May forecasts for 2020 growth in many regions of the world.
Analysts see global growth at -4-1/2 per cent this year, about 1-1/2 per cent stronger than what was projected three months ago. Deutsche Bank, one of the world’s leading financial services providers, also forecast India’s economy growing faster than the world average in 2021.
India could recover to 5.6 per cent year-on-year GDP growth in 2021, from a -5.8 per cent decline during this pandemic-wrecked 2020, marginally higher than global GDP growth at 5.4 per cent for 2021. India could have better growth prospects next year than for the Euro area (4.6), Germany (4.0), UK (3.7), USA (3.1) and Japan (1.1).
