Home Finance Which Economy Bounced Back The Fastest From The COVID Aftershock?

Which Economy Bounced Back The Fastest From The COVID Aftershock?

The COVID pandemic hit everyone really hard, including the economy of literally every single country on Earth. No one was spared from its impact, with a lot of economies seeing extreme drops and stagnations and many barely managing to hang on.

With tourism at a complete stop for more than a year, the hospitality and service industry also grinding to a halt, supply and demand chains seeing a shock and much more, economies around the world tried to grapple with these new circumstances.

Now, with the pandemic largely under control and economies having been reopened for quite some time now, some reports are taking a look at which economies came out the best in the post-pandemic world.

The International Monetary Fund (IMF) had its quarterly update of their World Economic Outlook and within it saw the economic performances of countries in 2020 and 2021 while also giving forecasts for 2022 and 2023. In it were some surprising results.

Turkiye

The IMF collected data for 30 countries across the world and the one to top this list was Turkiye. Turkiye’s economy has averaged an annual growth of 5.1% for four years and coming out as the best economy among the post-pandemic times.

China

China is second on the list and its average growth is said to be around 4.55% in the 2022-23 financial year.


Read More: Here’s Why Recession Is Necessary


Egypt

Egypt is considered to also be a surprising name in the list but it is also a country that has handled its economy well in the pandemic era as per reports and now has a growth average of 4.3%.

India

India is at a 3.9% of growth average and this can be noticed how the country has had a rise in economic growth for some time now.

While India did not do a very good job during the first year of the pandemic, from 2020 to 2021 but the recovery period was reportedly very short. As per reports “taking the IMF’s projections for the next two years, the economy is set to be the fastest-growing among the institution’s select list of 30 countries.”

Pakistan

Pakistan stands at a 3.6% average growth rate, something that has surprised many.


Image Credits: Google Images

Feature Image designed by Saudamini Seth

Sources: Business Standard, Livemint, Financial Times

Find the blogger: @chirali_08

This post is tagged under: Economy covid, post pandemic, post pandemic economy, india, indian economy, Turkiye, Turkiye economy, Turkiye economy post covid, Turkiye economy growth, indian economy growth

Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.


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