IMF sees India’s GDP shrink 10.3%2 min read . Updated: 14 Oct 2020, 06:26 AM IST
IMF says all emerging market and developing economy regions are expected to shrink this year, including notably emerging Asia, where large economies such as India and Indonesia continue to try to bring the pandemic under control
The International Monetary Fund (IMF) on Tuesday forecast India’s gross domestic product (GDP) to contract 10.3% in FY21, in a downward revision of its June forecast of a 4.5% drop, reflecting the worse-than-anticipated contraction in economic activity in the fiscal first quarter due to the nationwide lockdown, as well as the rapidly-spreading pandemic.
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