In fact, contrary to the hype, GDP growth has slowed sharply over the past two decades. The slowdown from the heady 9% GDP growth in the mid-2000s to 3%-4% before the pandemic reflected severe weakness in demand. The only way to assess this bouncy post-COVID phase is by determining the average growth rate over the entire period. If we compare only the latest quarter over the quarter before COVID, the annual growth is just above 2%. A sober analysis of GDP growth just before and after COVID points to a medium-term annual GDP growth forecast of 3%-4%.

Source: The Hindu October 30, 2023 09:47 UTC