This historical decline will be the lowest level since 1961 due to the Coronavirus (covid-19) epidemic, its prevention measures and slowdown of economic activity.
Expects a Silverline:
However, it is predicted that in 2021 the country will return to the fast track and that year it may see a strong economic growth of 6.0 %.
Global Growth:
At the same time, the IMF has reported a global growth rate of negative 4.9 % in 2020,which is 1.9 % points lower than the estimate made in April 2020 World Economic Outlook (WEO) forecast. For 2021, growth rate is expected to be 5.4 %.
China only country to see positive growth:
The coronavirus (COVID-19) epidemic has had more negative effects in the first half of 2020. In China, where recovery continues from the first quarter’s decline, the growth rate is estimated at 1 % in 2020.
Previous Estimates:
Let us know that in the year 2019, India’s growth rate was 4.2 % & 2020 IMF’s latest estimate of India’s 2020 estimate is -6.4% less than it’s the April forecast. The projected growth rate of 6% in 2021 is -1.4% less than its April forecast.
About International Monetary Fund (IMF):
Headquarters– Washington, D.C., United States(US).
Managing Director (MD)- Kristalina Georgieva
Chief Economist– Gita Gopinath.