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India's Economy in 2020

Covid-19: IMF says Indian economy will contract by 4.5% in 2020-’21, global GDP will decline by 4.9%



The report said that the Indian economy will bounce back in 2021-’22 with a growth rate of around 6%. But this is 1.4% lower than the projection the World Economic Outlook made in April.

The IMF also said that the world economy will experience an even deeper recession in 2020-’21. It will contract by 4.9% in 2020-’21, 1.9% more than the 3% predicted in April. However, in 2021-’22, the global economy will have a “partial recovery”, growing at 5.4%, Gopinath said. She added that over the next two years, the loss of output for the world economy would amount to $12.5 trillion (Rs 945 lakh crore).

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