Looking back, and forward: How economies and economics changed in 10 years

Even as both India and the world struggle to re-build after Covid-19, they face slow-burn problems that could develop into full-blown crises, writes T N Ninan

In 2014, India’s economy finally began growing faster than China’s, and stayed ahead for the next three years. In 2018 the forecast was that the ranking would stay unchanged till 2020. As things turned out, China soon pulled ahead, and then the gap grew. This year its economy will see growth of an anticipated 2 per cent, while India experiences a sharp recession. Adjusting for relative changes in the rupee’s and yuan’s dollar values, the International Monetary Fund now says China’s economy grew by 146 per cent in the 2010-20 decade while India managed barely a third of that: 52