IMF forecasts record growth for Indian economy in FY 2021-22
The International Monetary Fund (IMF) said on Tuesday that the Indian economy will jump strongly in the next financial year FY 2021-22 and grow at a record 11.5 per cent. The IMF said that in the midst of the pandemic, India will be the only country in the major economies to achieve double digit growth rates.
The World Economic Outlook update released on Tuesday by the IMF forecasts a rapid recovery in the Indian economy, while the country’s economy suffered a record decline due to the Corona epidemic in 2020 and is projected to contract 8 percent.
The IMF has stated that the Indian economy will grow at 11.5 per cent in 2021 and it will be the only country in large economies to have double digits. The next number is from China, for which the pace is estimated at 8.1 percent. This is followed by Spain (5.9%) and France (5.5%).
Revising its estimate for 2020, the IMF said that the Indian economy may contract by 8 per cent. Only China’s growth rate in large countries can remain positive (2.3%). The IMF also said that in 2022 India can grow at a pace of 6.8 per cent, while China can grow at 5.6 per cent. According to the latest IMF estimates, India will achieve the title of world’s fastest growing economy again.
The International Monetary Fund reported that they had projected global growth of 5.5 percent for the year 2021. Also, the IMF said that it would depend more on the virus and vaccine output.
Among the economies whose growth forecast for the year 2021 has been released, the highest growth estimate is for the Indian economy. In 2021, the IMF forecasts GDP growth of 5.1 for the US, 3.1 for Japan, 4.5 for the UK, 8.1 for China, 3.0 for Russia, and 2.6 per cent for Saudi Arabia.
The IMF forecasts 2.5 percent growth in the US economy for the year 2022. Apart from this, the IMF for the year 2022 has 4.1 percent in the French economy, 3.6 percent in Italy, 4.7 percent in Spain, 2.4 percent in Japan, 5 percent in the UK, 4.1 percent in Canada, 5.6 percent in China, 4 percent in Saudi Arabia. The forecast growth is 2.6 percent in Brazil and 1.4 percent in South Africa.
