IMF projects 10.3% contraction in FY21, sharp rebound in FY22:


The International Monetary Fund (IMF) on October 13 said it expects India’s gross domestic product (GDP) to decline by 10.3 percent in FY21. It revised India’s GDP growth, since its June forecast of a 4.5 percent drop, while reflecting a severe-than-anticipated contraction in economic activities in Q1 FY21, amid the nationwide lockdown due to the COVID-19 pandemic.

Stating that India’s GDP contracted much more severely than expected in the second quarter, Gopinath said, “The economy is projected to contract by 10.3 percent in 2020, before rebounding by 8.8 percent in 2021.”

News Source:- Moneycontrol

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