2020: The gap year for the world economy, India
The pandemic has reversed hard won gains against poverty, and deepened inequalities
In its updated prognosis of the world economy, the International Monetary Fund (IMF) has largely stuck to the grim forecast issued in June, despite unexpected recovery in some economies. The World Economic Outlook (WEO), the IMF’s global economic surveillance report, projects contraction at 4.4% in 2020. It has also warned that the economic rebound due next year will wane in 2022—for the first time since the pandemic began, the IMF is releasing medium-term projections on the world economy.