India's growth rate to jump to impressive 12.5% in 2021 says IMF

WASHINGTON:

The International Monetary Fund (IMF), on Tuesday, projected an impressive 12.5 per cent growth rate for India in 2021.

The IMF also stated that India’s growth rate would be higher than China this year, the only major economy to have a positive economic growth rate despite the COVID-19 pandemic.

IMF projected the growth of key nations during its annual World Economic Outlook.

Major economies suffered setbacks last year because of COVID-19, sending some economies into recession.

Likewise, the Indian economy contracted by a record 8 per cent pushing the country to revamp its growth strategy.

“We are now projecting a stronger recovery in 2021 and 2022 for the global economy compared to our previous forecast, with growth projected to be 6 per cent in 2021 and 4.4 per cent in 2022,” IMF Chief Economist Gita Gopinath said.

(Edited by Shankar Kumar Turha)

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