The Indian economy faces an uphill task in its battle to recover from the COVID-19 setback and it has been once again reiterated by the IMF’s latest projection – a sharp contraction of 4.5 percent in this fiscal.
IMF, however, said the country is expected to bounce back in 2021 with a robust 6 percent growth rate.
It projected the global growth at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.
“We are projecting a sharp contraction in 2020 of -4.5 percent. Given the unprecedented nature of this crisis, as is the case for almost all countries, this projected contraction is a historic low,” Indian-American Gita Gopinath, IMF’s Chief Economist, told PTI as she released the World Economic Outlook Update here.
Read more at https://www.moneycontrol.com/news/business/economy/covid-19-impact-indian-economy-to-see-steep-contraction-of-4-5-in-fy21-a-historic-low-5452041.html
Credits: Money Control
