As per the International Monetary Fund (IMF) latest report, the Indian economy is projected to decline by 10.3%.
However, India is likely to bounce back with an impressive 8.8 percent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2 percent, the IMF said in its latest report.
The IMF in its latest World Economic Outlook update slashed India’s GDP growth forecast to -10.3%, 580 basis points lower than its June forecast in the current financial year.
As per the IMF, the global economy was recovering from the slump in the first half of 2020.
In the report, the World bank said the spread of the virus and containment measures have severely disrupted supply and demand conditions in India.