IMF projects India’s GDP to contract 10.3% in 2020

According to ‘World Economic Outlook’ report, the International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3 per cent in 2020-21, from its earlier prediction of 4.5 per cent due to rise in Covid cases.

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However, IMF estimates the GDP of India to grow at 8.8 per cent in 2021-22, as compared to 6 per cent predicted earlier, regaining the position of the fastest-growing emerging economy. On the other hand, the Fund expects the world economy to contract by 4.4 per cent in 2020. This projection was -5.2 per cent earlier.

Important takeaways for all competitive exams:

  • IMF Headquarters: Washington, D.C. U.S.
  • IMF Managing Director and Chairman: Kristalina Georgieva.
  • IMF Chief Economist: Gita Gopinath.

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