- Earlier in June, the IMF had projected a 4.5 per cent cut
- Emerging markets and developing economies are likely to decline this year
The International Monetary Fund (IMF) said on Tuesday that India’s GDP could fall by 10.3 per cent this year. However, in the year 2021, growth is estimated at 8.8 percent. Earlier in June, the IMF had projected a 4.5 per cent decline. The sharp drop in GDP is due to the Koro epidemic and the lockdown in the country.
Emerging markets and developing economies are likely to decline
The IMF said in its semi-annual outlook on the world economy that all emerging markets and developing countries are likely to see declines this year. This includes economies in particular, such as India and Indonesia, which are constantly striving to control the Koro epidemic. In the case of India, the IMF has revised its first estimate of GDP for the second quarter. The economy is projected to shrink by 10.3 percent in 2020.
Global growth is expected to slow this year
Global growth is expected to slow to 4.4 percent this year, according to a report released ahead of the IMF and World Bank annual meetings. However, it could bounce back next year in 2021 with 5.2 per cent. The US economy is projected to shrink by 5.8 per cent in 2020, according to its own estimates. It could grow 3.9 percent next year. Only China’s GDP is projected to be positive in the case of large economies. China’s GDP could grow by 1.9 percent in 2020 The IMF said in its report that the revision in forecasts could only lead to India, where GDP fell more than forecasted in the second quarter.
In 2019, India’s GDP growth rate was 4.2 percent
According to the report, India’s GDP growth rate in 2019 was 4.2 percent. Last week, the IMF said India’s GDP could shrink by 9.6 per cent this fiscal. The current situation in India is much worse than ever before..
#countrys #GDP #expected #decline #cent #year #cent