WASHINGTON: The IMF on Wednesday projected a sharp contraction of 4.5 per cent for the Indian economy in 2020, a “historic low,” citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust six per cent growth rate.
The International Monetary Fund (IMF) projected the global growth at –4.9 per cent 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 per cent. 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, said as she released the World Economic Outlook Update here. (AGENCIES)
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