India’s economy to contract by 10.3%

As per the International Monetary Fund (IMF), Indian economy is expected to grow at -10.3 % in 2020. Global growth is projected to be -4.4% for this year, the IMF said with the release of its World Economic Outlook October 2020 report titled, “A Long and Difficult Ascent”.

Daily Current Affairs Quiz 2020

Key-Points

For the world as a whole, the 2020 growth projection has been revised upwards by 0.8 percentage points relative to June. After 2021, global growth is expected to ease off at 3.5% in the medium term.

India’s economy is expected to contract 10.3% in the current fiscal year as the country and the world reel from the COVID-19 pandemic, according to the International Monetary Fund (IMF).

The projection for India is a downgrade of 5.8 percentage points from its June forecast. India is expected to rebound in the fiscal year beginning in April 2021 with 8.8% growth — an upgrade of 2.8 percentage points relative to the June update.

Consumer prices in India are expected to grow at 4.9% this year and by 3.7% in the next fiscal. The current account balance is projected to grow by 0.3% this year and -0.9% next year.