But it is also the year that suffered from, what the American economist William Easterly once described as, the “tyranny of the experts”. These experts’ advice formed the basis for some big decisions that nations and their leaders took. Just eight weeks later, they decreed that India’s economy would not grow but shrink by 4.5%. In just six months, IMF experts shaved $350 billion off India’s economy. Presumably, the experts at IMF carry on with their lives unperturbed, while India’s policymakers have to now deal with the wreckage.

Source: Hindustan Times January 01, 2021 14:37 UTC