India’s economy will contract 10.3% this year, the IMF said.
New Delhi:
India is expected to fall below Bangladesh in terms of gross domestic product (GDP) per capita as the economy, according to the International Monetary Fund, is expected to contract by 10.3% this year. The IMF’s forecast for India, a huge downward revision from its previous prediction in June, will see the sharpest contraction among major emerging markets amid the coronavirus pandemic.
According to the IMF’s “World Economic Outlook” report released on Tuesday, India’s GDP per capita is expected to plunge 10.3% to $ 1,877 in this fiscal year ending March 31, 2021. According to the previous IMF prediction in June, output would decline 4.5 percent. According to the IMF report, Bangladesh’s GDP per capita in dollars is expected to increase by 4% in 2020 to reach $ 1,888.
However, India, Asia’s third-largest economy, is expected to rebound with an impressive 8.8% growth rate in 2021, regaining the position of the fastest growing emerging economy, exceeding the projected growth rate. of China by 8.2%, the IMF said. .
Released ahead of the annual IMF and World Bank meetings, the report said global growth would contract 4.4 percent this year and rebound to 5.2 percent in 2021.
The main congressman, Rahul Gandhi, who criticized the center on the state of the economy, criticized the government after the IMF projections. “Solid achievement of 6 years of BJP hate cultural nationalism. Bangladesh is about to overtake India,” he tweeted today.
India’s projected recession is the largest of all major economies except Italy and Spain, and largest among major emerging markets.
Among the other countries of the BRICS group, the economy of Brazil will contract by 5.8%, Russia by 4.1%, South Africa by 8.0% while China will grow by 1.9%, according to the IMF report.
(With contributions from PTI and AFP)
