JOIN USDH Toon | Economy report: Where is the yogic balance?
The IMF said that the Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year.
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According to the IMF, India is set to drop below Bangladesh in terms of per capita Gross Domestic Product (GDP) as the economy is projected to contract by a massive 10.3 per cent this year.
IMF's forecast for India -- a huge downward revision from its previous prediction in June -- is also the biggest contraction projected among major emerging markets amid the Covid-19 pandemic. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest-growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.