IMF revises India’s growth forecast to -8% in FY21

Current GK ( Master) Growth and development

The International Monetary Fund (IMF) has pegged the Indian economy to contract by 8 percent in the current financial year 2020-21, in its latest World Economic Outlook, released on 26 January 2021.
The IMF expects GDP of India to rise to 11.5 percent in the next financial year i.e. 2021-22.
Apart from this, the IMF projected the global growth to contract at 3.5 percent in 2020.
The global economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022 as per IMF.