IMF projects India to grow at 11.5% in 2021 | Arriba Trends

IMF projects India to grow at 11.5% in 2021


IMF has projected the growth rate of 11.5% for the Indian economy for the year 2020-2021. Releasing its latest World Economic outlook report the fund revised its earlier projection of 8.8% for the Indian economy. The report stated, “The notable revisions to the forecast include the one for India (2.7 percentage points for 2021), reflecting carryover from a stronger-than-expected recovery in 2020 after lockdowns were eased”.

Along with this, IMF projects the expected growth rate of 5.5% in the year 2021 and 4.2% in the year 2022 for the global economy. The statement read, “The global growth contraction for 2020 is estimated at -3.5 percent, 0.9 percentage point higher than projected in the previous forecast reflecting stronger-than-expected momentum in the second half of 2020”.

IMF has also warned on the issue of weaker vaccine rollout that if the widespread immunization is not achieved on time than it may lead to the downside risk to the global recovery.

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