India to emerge as most resilient economy after Germany in 2021: PHDCCI
India will emerge as the most resilient economy after Germany in 2021 exhibiting a strong “economic resurgence” to the global economic turmoil caused by the COVID-19 pandemic, according to a report.
Germany ranks first in the PHDCCI International Economic Resilience (IER) Rank followed by India and South Korea at second and third positions, respectively, according to the report released by industry body PHDCCI.
It is based on analysis of five lead macroeconomic indicators reflecting a country’s economic performance including real GDP growth rate, merchandise export growth rate, current account balance (as percentage of GDP), general government net lending/borrowing (as percentage of GDP) and gross debt-to-GDP ratio.
India’s IER Rank stands at second among the top-10 leading economies, indicating strong resilience of the Indian economy to the daunting pandemic of COVID-19, said PHD Chamber of Commerce and Industry President Sanjay Aggarwal.
The overall performance is projected at the second position after Germany in 2021, he added.
India’s real GDP growth rate is projected to be the highest at 11.5 per cent in the year 2021 among the top-10 leading economies in the world, according to the industry body.
The merchandise export volume growth is estimated to be the strongest at 14 per cent in the year 2021, reflecting the great potential that the economy holds in terms of its international presence, said Aggarwal.