world bank

"The global economic recovery continues. But divergences between economies persist, reflecting stark differences in vaccine access and policy support," the International Monetary and Financial Committee (IMFC) said in a communique during the annual meetings of the IMF and the World Bank on Thursday.

Stating that by the end of this century, worsening droughts are projected to affect about 700 million people, the Report 'Ebb and Flow' said: "These climate shocks will have a disproportionate impact on the developing world, with more than 85 per cent of people affected living in low- or middle-income countries." Yet "it is often the poor who cannot afford to leave. Residents of poor countries are four times less likely to move than residents of wealthier countries".

India is expected to grow at 5.4% in fiscal year 2021/22 and 5.2% in fiscal 2022/23 after an expected contraction of 9.6% in fiscal 2020/21. Owing to a steep decline in household spending and private investment, output contraction is expected for India in the current fiscal year.