India’s economy has bounced back amazingly from the Covid-19 pandemic and the nationwide lockdown over the last one year, but it is not out of the woods yet, the World Bank has said.

In its latest South Asia Economic Focus report, the Washington-based global lender forecast that the country’s real GDP growth in fiscal 2021-22 could range anywhere between 7.5 and 12.5 per cent.

The report, which was released before the annual Spring meeting of the World Bank and the International Monetary Fund, said the Indian economy had already been slowing when the pandemic struck.

After reaching 8.3 per cent in 2016-17, growth decelerated to 4.0 per cent in 2019-20, it said.