If everything goes according to plan, India will be able to reap the fruits of its favourable demography over 2030s and 2040s, before she loses that edge in the 2050s, according to economists.
Here is an overview of some of the transformations.
Measured by output, the world economy is well on the way to recovery from a slump the likes of which barely any of its 7.7 billion people have seen in their lifetimes. Vaccines should accelerate the rebound in 2021. But other legacies of Covid-19 will shape global growth for years to come.
After withstanding President Donald Trump’s trade war, China is deepening economic ties within Asia and Europe and looking to domestic consumption to power its next phase of growth.
World Bank Chief Economist Carmen Reinhart said increasing debt distress in many of those countries meant that China, now the world's largest official creditor, would need to start restructuring the debt it is owed.
What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.
Who gained, who lost? ETtech takes stock of the changing startup fortunes in a pandemic-marred year.
Government experts maintain that the Indian economy will come back to pre-Covid levels by the next financial year (2021-22) as it is recovering faster than expected. The committee, headed by former minister and BJP MP Jayant Sinha, has decided to prioritise the long-term impact of Covid-19 on the global economy.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
During the lockdown, people were forced to make do with less. Now, some are carrying on with this life lesson, cutting down on city life, eating out, new clothes.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
Russia started vaccination of front-line workers and other high-risk people in Moscow on Saturday while China too has reportedly geared up for rollout of its domestically made Covid vaccine.
Tedros Adhanom Ghebreyesus also condemned the "dangerously short-sighted" cycle of throwing cash at outbreaks but doing nothing to prepare for the next one, in a video message marking Sunday's first International Day of Epidemic Preparedness.
If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.
The coronavirus pandemic is showing no signs of slowing down, with infections surging past 94 million and more than two million deaths, and Europe among the hardest-hit parts of the world.
A number of themes will shape the course of the Indian economy through 2021 and beyond. These themes — investing, the future of work, the acceleration of digitisation, and the impact of the pandemic on contact-intensive.
Speaking at a press conference, the WHO's regional director for Europe Hans Kluge, called the current situation "a tipping-point in the course of the pandemic," as Europe was both challenged by surging cases and new strains of the virus causing Covid-19.
COVID-19 impact: 8.7 lakh expats returned to Kerala, over half of them due to job loss: Official Data
The data from the Non-Resident Keralites Affairs (NORKA) department as of Thursday also showed that 1,11,151 of the 13,27,330 Keralites who came back from other parts of the country also cited loss of jobs as the reason for their return. The second biggest reason cited by the returnees (2.08 lakh) was their job visas. The rest include senior citizens, or children, and family members of expats.
Norov was speaking at the inaugural plenary of four-day 23rd Sustainable Development Conference (SDC) titled: Sustainable Development in the Times of COVID-19, inaugurated by the Sustainable Development Policy Institute (SDPI) in Islamabad on Monday.
The world’s top container line, A.P. Moller-Maersk A/S, this month called the challenges “the most dramatic stress test of the past 75 years.”
That mistrust, and the reliance of dozens of poorer nations on China to inoculate their populations could set the stage for a major global political headache if citizens offered the Chinese vaccine feel they are being given an inferior product.
The 10-member team sent to Wuhan by the World Health Organization was approved by President Xi Jinping's government after months of diplomatic wrangling that prompted an unusual public complaint by the head of the WHO.
An NRI stranded in India due to coronavirus travel restrictions would require to check the conditions to decide whether there could be additional tax implications on him due to remotely working from India for his/her foreign employer.
At a media briefing on Monday, Dr. Soumya Swaminathan said it was critical countries and their populations maintain strict social distancing and other outbreak control measures for the foreseeable future. In recent weeks, Britain, the U.S., France, Canada, Germany, Israel, the Netherlands and others have begun vaccinating millions of their citizens against the coronavirus.
The International Monetary Fund has forecast an 8.8% GDP growth for India in 2021-22. Economists and statisticians say if the economy starts recovering — GDP has contracted by minus 7.5% in the September quarter, from minus 23.9% in the June quarter — the graph next year is bound to be a mirror image of what would be achieved this year.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
According to a report by Reuters, India's economy is likely to have shown signs of a pick-up in the quarter to September after a record contraction the previous quarter, and is expected to recover early next year on hopes of better consumer demand fed by progress on coronavirus vaccines.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.
With the US suffering its most rampant transmission yet and with major countries in Europe again under lockdown, prospects remain grim for a meaningful worldwide recovery before the middle of next year and far longer in some economies.
Scientists including BioNTech CEO Ugur Sahin and John Bell, Regius Professor of Medicine at the University of Oxford, have said they are testing the vaccines on the new variants and say they could make any required tweaks in around six weeks.
The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.
As coronavirus-led uncertainty still looms large, the best course of action for you would be to evaluate long-term goals, current income levels, likelihood of income loss and provisions for any emergent financial impact like health risks.
The WTO's latest Trade Monitoring Report on G20 trade measures also said that although world trade had already been slowing before the pandemic, merchandise exports in nominal US dollar terms fell 21 per cent in the second quarter of 2020 compared to the previous year.
PM Modi holds virtual summit with Italian counterpart; discusses ways to deal with adverse impact of COVID-19
In his opening remarks at the virtual bilateral summit with the Italian leader, Modi said it is clear that the COVID-19 epidemic will remain a watershed in history just like the Second World War.
The Eurostat figures for December gave the 19-nation zone an inflation reading of minus 0.3 percent, the same level as in November. It has been negative since August.
For Britain, the discovery came too late to prevent a punishing new wave of COVID-19 that has put its hospitals on the brink of having to deny lifesaving care. The variant was already spreading fast, abetted by the government’s lax restrictions during the fall and early winter.
For nearly the entire pandemic, political polarization and a rejection of science have stymied the United States’ ability to control the coronavirus. That has been clearest and most damaging at the federal level, where Trump claimed that the virus would “disappear".
Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 per cent. At the same time, IMF said that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, but for this New Delhi needs to ramp up its efforts in various fields.
A number of European countries have banned flights from the UK as the British government warned that the potent new strain of the virus was "out of control" and imposed a stringent new stay-at-home lockdown from Sunday.
The PM said the nation was marching ahead with its resolute resolve to build a strong and self-resilient India that encapsulates the vision of world welfare and full integration.
In the last 12 months, the novel coronavirus has paralysed economies, devastated communities and confined nearly four billion people to their homes. It has been a year that changed the world like no other for at least a generation, possibly since World War II.
Russia faced international criticism for approving a vaccine that hasn't completed advanced trials among tens of thousands of people, and experts both at home and abroad warned against its wider use until the studies are completed.
World GDP recovery to strengthen from mid-2021 on vaccine rollout, India's GDP to shrink -9.4% in FY21: Fitch
Fitch now expects world GDP to fall by 3.7% in 2020 compared to 4.4% in its September estimate. This is despite the expectation of renewed falls in GDP in the fourth quarter in the eurozone and the UK, following the recent tightening of restrictions.
The COVID-19 pandemic has already had a devastating impact on many livelihoods, as global lockdowns have led to job losses and business closures. It has also exacerbated issues such as increasing inequalities over access to technology and the threat of civil unrest.
De Cos said new restrictions imposed in euro zone countries to curb the second wave of the pandemic meant that the ECB's upcoming macroeconomic projections in December would be most likely revised downwards.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 54.7 in November from 51.0 in October. The 50.0 mark separates growth from contraction.
The UNAIDS is calling on countries to make far greater investments in global pandemic responses and adopt a new set of bold, ambitious but achievable HIV targets. If those targets are met, the world will be back on track to ending AIDS as a public health threat by 2030.
Despite a number of mutations so far of the Covid-19, none of them, including the new mutant variant found in the UK, has made a significant impact on the susceptibility of the virus to any of the currently used therapeutics, drugs or the vaccines under development, according to World Health Organization (WHO) experts.
"The Government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use," the govt said.
The UAE economy is expected to shrink by 6.6% this year, the International Monetary Fund (IMF) has estimated, as vital sectors such as transportation and tourism have been badly hit by the coronavirus.
Saudi Arabia is facing its worst economic decline in decades after the COVID-19 pandemic curbed global crude demand and measures to contain it also hurt other sectors. The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.
Many individuals have been holding back on their spending till clarity emerges before they make a purchase. Many global investors have been raising caution over the global economies. Although the stock markets across the world have seen a spurt in the last few months as large investors moved away from safe bets such as the US dollar and gold.
Now in the last leg of their fight, government, regulators, pharmaceutical companies and ancillary industries must once again collaborate to bring an efficacious vaccine to the people in the shortest possible time.
The first patients in line on what has been dubbed "V-Day" -- the over-80s, care home workers and at-risk frontline health and social care staff -- will roll up their sleeves for an initial dose from early morning.
In its annual report for the fiscal 2019-20 released on Wednesday, the State Bank of Pakistan (SBP) said the nation's economy seems poised to pick up from where it was before the COVID-19 shock, The Express Tribune reported on Wednesday.
"When you are looking at the manufacturing sector and the industrial sector, the growth essentially comes from an uptick in the spending, which is not happening," LIC Managing Director Vipin Anand says.
Tedros said 39 million doses of coronavirus vaccines had been administered so far in at least 49 higher income countries.
The rollout marks a moment of hope for a region that includes some of the world's earliest and worst-hit virus hot spots, including Italy and Spain, and others, like the Czech Republic, that were spared the worst early on only to see their health care systems near their breaking points in the fall.
Keeping the virus at bay has been critical to China’s economic success over the past year. While the pandemic ravages other nations, Beijing’s aggressive top-down approach kept the virus from spreading rapidly across the country.
The government now expects a contraction in output of around 10.5%, according to the latest 2020 projections in the 2021 government budget now pending approval in the country's parliament.
Xi, 67, who has become China's most powerful leader after Mao Zedong since he came to power in 2012 was addressing the leading cadre of the Communist Party of China (CPC) on Monday.
This being a pandemic (from the Greek word for “all people”), that welcome development presents all the usual problems of global differences in wealth, power and equity. Rich countries have already placed their orders. Poor countries can only hope not to be left out. What should be done?
ILO has estimated that the impact of huge job losses worldwide is creating a fiscal gap that threatens to increase inequality between richer and poorer countries. It estimated that global labour income declined by 10.7 per cent, or $3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019, excluding government income support.
China clamps down in hidden hunt for coronavirus origins, promoting theories that Covid originated elsewhere
The government is monitoring scientists' findings and mandating that the publication of any research first be approved by a new task force managed by China's cabinet under direct orders from President Xi Jinping, according to internal documents obtained by The AP. A rare leak from within the government, the dozens of pages of unpublished documents confirm what many have long suspected: The clampdown comes from the top.
Bill Gates 'stunned' by pace of scientific advances, says 2021 will be better than 2020; shares details about Covid, vaccines in detailed blogpost
The Microsoft co-founder shared his thoughts on a post-Covid world.
Brent crude was down 16 cents, or 0.3%, at $54.94 per barrel at 1445 GMT, and West Texas Intermediate U.S. crude fell 10 cents, or 0.2%, to $52.26.
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.
The video platform said it would now ban any content with claims about COVID-19 vaccines that contradict consensus from local health authorities or the World Health Organization.
As per the COVID-19 Dashboard by the Center for Systems Science and Engineering at JHU, the global tally stood at 67,535,605 as of 6.56 am (IST) Tuesday.
"A vaccine that sits in a freezer or in a refrigerator or on a shelf and doesn't get used is doing nothing to help shorten this pandemic," said Kate O'Brien, director of the World Health Organization's immunisation department.
Mandating vaccines would be especially important to help protect workers in minority.
The pandemic is accelerating the adoption of digital technology, which has a particularly strong effect on immature economies. Digital technology is unlikely to generate double-digit growth because its impact is largely limited to domestic economies, with no added boost from exports. But it can simultaneously and sustainably transform domestic emerging economies.
Prime Minister Narendra Modi’s administration estimates an all-in cost of about $6-$7 per person in the nation of 1.3 billion, the people said, asking not to be identified as the details are private. The money provisioned so far is for the current financial year ending March 31 and there will be no shortage of further funds for this purpose, they added.
Speaking at the 93rd annual convention of industry Chamber FICCI, he also said that if the idea "that the 2020s belong to India" has to be realised, industry should be bold and start visioning all projects at scale, while there is also a need a new focus on talent, enable data and bandwidth.
Britain's economy shrank by 2.6% in November, the first monthly fall in output since the country was under its initial COVID lockdown last April as new restrictions were imposed to slow the spread of the disease.
UN Secretary General Antonio Guterres said the pandemic was the "fifth horsemen" that added to the fury of the other four horsemen - highest global geo-strategic tensions in years, existential climate crisis, deep and growing global mistrust and the dark side of the digital world.
Dussehra, Diwali and Durga Puja celebrations that extend through the Christmas and New Year holidays are an occasion to splurge on big ticket items like gold, homes and cars as well as clothing, smartphones and electronics.
The announcement of Sharma's appointment as Policy Advisor for Testing was made by Biden on Friday along with additional members of the White House COVID-19 Response Team.
India's drugs regulator on Sunday approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive.
A few macroeconomic and industry variables have begun to show noticeable growth, suggesting a rebound in the Indian economy. Power consumption has risen steadily and saw an increase of 13.5% YoY on Oct 6. Similarly, there is an increase in petrol, diesel consumption; UPI, IMPS transactions were at a record high in Sept; E-way bill volume rose 9.6% YoY to 57.4 m in Sept; Electronic toll volume at 110.08 m in Sept. Average daily property registration in Maharashtra also jumped to 3,936 in Sept, the highest since May 2019.
The policy-setting panel of the 189-nation International Monetary Fund concluded a virtual meeting Thursday with a joint statement that warned of permanent damage from the worst global downturn since the Great Depression of the 1930s unless countries are given further economic support.
On Saturday, the coronavirus cases in the country surpassed the 10 million mark with 25,152 new infections. However, the virus in the country, which peaked in September, seems to be abating. The imminent arrival of the Covid-19 vaccine has also infused fresh hopes that the pandemic which has claimed 145k lives across the world is on its way out.
Output is estimated to contract by 9.6% in fiscal year 2020-21, due to drop in household spending and private investment, even as high frequency data indicate recovery gaining momentum in services and manufacturing, according to the World Bank’s January 2021 Global Economic Prospects report.
Coronavirus impact: Queen Elizabeth to miss family Christmas celebrations, to stay in self-isolation
The queen moved from her official residence in the British capital to Windsor on March 19.
"Almost one year after the onset of the COVID-19 crisis, the deep economic recession it has triggered continues to have profound economic and social consequences," the WEF said while noting that no nation has emerged unscathed.
The ongoing study among the city-state's public hospitals adds to international efforts to better understand whether the infection can be transferred during pregnancy, how babies develop antibodies in the womb and whether they offer an effective shield against the virus.
On Thursday, the last trading day of 2020, Brent was trading down 18 cents, or 0.4%, at $51.45 a barrel, as of 0136 GMT and U.S. West Texas Intermediate (WTI) lost 0.1%, or 5 cents, to $48.35 a barrel.
Noting that the pandemic has bought them on the verge of bankruptcy, the small business owners rued that the steps being taken by the current administration has not been able to rescue them from this crisis.
Vardhan said the roll-out of COVID-19 vaccines will start "very soon". "India has finally received emergency approval from the apex regulator for two vaccines and we will be rolling out vaccination drives very soon," he said.
In a world anxiously waiting for a vaccine, it’s a little reminder that the “new normal” is far from normal no matter how much we pretend. The anxiety always remains, colouring every encounter with the larger world.
Hopes for an end to the pandemic were boosted by positive assessments of the Moderna Covid-19 vaccine, but a study warned that at least a fifth of the world's population in poorer nations may not have access to vaccines until 2022.
As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario.
Citing grim International Monetary Fund (IMF) projections, she alleged India will become the "fastest falling economy" from being the fastest growing economy. She also cited the IMF projections of 10.3 per cent contraction in India's GDP, which is the highest in the world after the UK's 9.8 per cent.
The pandemic has taken an especially heavy toll on retail, tourism and hospitality jobs traditionally held by women, but experts say those able to retrain could tap into growth areas like digital marketing, e-commerce and online customer support.
Speaking to state-owned Al Arabiya, Ahmed al-Kholifey also said there was no plan to introduce new liquidity measures.
Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. That's after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.
Economists have marginally raised forecasts this month after a pick-up in consumer demand for autos, non-durables and rail freight during the festival season, as prospects grow for COVID-19 vaccines to be launched early next year.
Goldilocks economy is often the one where the growth is high but the inflation is under control. That is the economy is in equilibrium or the best state possible: with good employment figures, economic stability and higher than world average growth.