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GS-III : Economic Issues Economic Data

27 January, 2021
12 Min Read

India’s growth rate for 2021: IMF

The IMF on Tuesday projected an 11.5% growth rate for India in 2021, making the country the only major economy to register double-digit growth this year amidst the COVID-19 pandemic.
The International Monetary Fund’s growth projections for India reflected a rebound in the economy, which is estimated to have contracted by 8% in 2020 due to the pandemic.
China is next with 8.1% growth in 2021 followed by Spain (5.9%) and France (5.5%). The IMF said that in 2020 China is the only major country which registered a positive growth rate of 2.3%.
India’s economy, the IMF said, is projected to grow 6.8% in 2022 and that of China by 5.6%.
IMF Chief Economist Gita Gopinath, during a virtual press conference to release the update, said that India had a somewhat faster pace of recovery, but cumulatively by the end of 2022, its GDP is expected to be 9% below its pre-pandemic projected level. “We are seeing India come back to its 2019 levels, but it’s still below... Why do we have these upgrades (in IMF’s growth projections for India)... because the activity and mobility particularly came back much faster than expected in India. We have not seen another wave,” Ms. Gopinath said.

‘Faster pace of recovery’

“In fact, we are seeing a very strong decline in cases, which is again a bit different from other parts of the world. So, these factors, including what we’re seeing in terms of high frequency indicators, point to [a] somewhat faster pace of recovery. But again, there is still some distance to go,” she added.
Earlier this month, IMF MD Kristalina Georgieva had said India “actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it”.

Source: TH

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India’s growth rate for 2021: IMF

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