IMF forecasts India’s GDP to shrink by 10.3% in 2020-21, recover in 2021-22 with growth of 8.8 per cent

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IMF forecasts India’s GDP to shrink by 10.3% in 2020-21, recover in 2021-22 with growth of 8.8 per cent
IMF forecasts India’s GDP to shrink by 10.3% in 2020-21, recover in 2021-22 with growth of 8.8 per cent

IMF forecasts India’s GDP to shrink by 10.3% in 2020-21, recover in 2021-22 with growth of 8.8% per cent. The International Monetary Fund (IMF) which is a United Nations specialized agency, has forecasted India’s Gross Domestic Rate to be contracted by 10.3 per cent in 2020 -21. Previously IMF forecasted India GDP as -4.5 percent in 2020-21 due to COVID19 situation.

  • IMF also estimates the GDP of India to grow at 8.8 percent in 2021-22, as compared to 6 percent predicted earlier, regaining the position of the fastest growing emerging economy.

Other Rating Agency’s Predictions:

  • UNCTAD forecasts India’s GDP at -5.9% for 2020 and 3.9% in 2021
  • Rating agency S&P projects Indian economy to contract 9 per cent in fiscal 2021
  • World Bank forecast India growth for FY21 at 1.5-2.8% percent
  • Asian Development Bank (ADB) predicts India’s economy growth will be contracted by 9% in FY2020-21
  • Moody’s Investors Service downgraded India’s sovereign ratings from Baa2 to Baa3
  • As per Goldman Sachs, India’s economy to contract by 14.8% per cent in FY21
  • India Ratings and Research forecasted India GDP as 9.9% for FY22
  • As per World Bank, India’s economy to contract by 3.2 per cent in fiscal year 2020-21

About IMF:

  • Managing Director: Kristalina Georgieva
  • Chief Economist: Gita Gopinath
  • Founded: 27 December 1945

Related Questions:

  • According to the World Bank, India’s economy to contract by what per cent in fiscal year 2020-21? = 3.2 percent
  • What is the India’s GDP rate projection for FY22 as per India Ratings and Research? = -+9.9%
  • Ratings agency Moody’s Investors Service downgraded India’s sovereign ratings from Baa2 to which grade? = Baa3
  • Global Economic Prospect downgraded its projection of growth of India by what percent? – 9%
  • World Bank forecast India growth for FY21 at what percent? – 1.5-2.8%
  • What is the India’s economic growth projection for 2020 – 21 fiscal year as per Fitch – 0.8%

 

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