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.
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.