India's GDP to grow at 9.5% this year and 8.5% in 2022, projects IMF
New Delhi : The International Monetary Fund has projected that India's economy will grow at 9.5 per cent in 2021 and 8.5 per cent in 2022. Due to coronavirus pandemic, the Indian economic growth had contracted to 7.3 per cent.
It must be noted that India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.
The United States economy is projected to grow at six per cent in 2021 and 5.2 per cent in 2022. China, on the other hand, the IMF said is projected to grow at 8 per cent in 2021 and 5.6 per cent in 2022.
Speaking to PTI, Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent. However, this modest headline revision masks large downgrades for some countries.
“The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,” she said.
“By contrast, aggregate output for the emerging market and developing economy group (excluding China) is expected to remain 5.5 per cent below the pre-pandemic forecast in 2024, resulting in a larger setback to improvements in their living standards,” she added.