: Covid-19: IMF lowers India’s GDP growth projection to 1.9%, also forecasts global recession #IndiaNEWS The International Monetary Fund on Tuesday cut its growth projection for India to 1.9% from

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Covid-19: IMF lowers India’s GDP growth projection to 1.9%, also forecasts global recession #IndiaNEWS
The International Monetary Fund on Tuesday cut its growth projection for India to 1.9% from the earlier estimated 5.8% for the financial year 2020-2021 as the intensifying coronavirus pandemic continues to crush the global economy. With a subdued forecast, India is likely to record its worst growth performance since liberalisation in 1991, the IMF said in its latest edition of the World Economy report. But the IMF added that only India and China will see positive growth in 2020.The economies of the world’s most developed countries are likely to contract in 2020, the IMF said. “We project global growth in 2020 to fall by 3%,� IMF Chief Economist Gita Gopinath said. “This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period.� Gopinath said that the IMF projects global growth in 2021 to rebound to 5.8%, assuming that the coronavirus pandemic fades in the second half of 2020.Follow live updates on coronavirusIMF projected India’s growth rate in 2021-2022 at 7.4%. China’s economy is likely to grow at 9.2% while the United States has been projected to grow at 4.5%.British brokerage Barclays on Tuesday said India’s decision to extend the nationwide lockdown to combat the coronavirus pandemic till May 3 will inflict an...Read more

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