It said mobility levels are likely to come under more pressure in the coming days as the second wave looks set to widen. The global forecasting firm, however, said it does not expect to see a massive decline like in 2020, as targeted lockdowns remain the preferred containment strategy.
"Still, we expect the economic impact will not be as dramatic as in 2020," Oxford Economics said adding that it is true that countries that avoided lockdowns to control the virus last year have not fared especially better economically than those that did.
According to official data, the Indian economy contracted 8 per cent in 2020-21 while the Economic Survey 2020-21 sees 11 per cent growth in 2021-22.
The International Monetary Fund (IMF) on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, which was the only major economy to have a positive growth rate last year during the COVID-19 pandemic.
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