India's growth rate to jump to 12.5%: IMF

April 06, 2021 18:22

The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic.

The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9 per cent in 2022.

Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund said as it projected an impressive 12.5 per cent growth rate for the country in 2021.

China, on the other hand which was the only major economy to have a positive growth rate of 2.3 per cent in 2020, is expected to grow by 8.6 per cent in 2021 and 5.6 per cent in 2022.

Chief Economist at IMF Gita Gopinath said: "We are now projecting a stronger recovery in 2021 and 2022 for the global economy compared to our previous forecast, with growth projected to be 6 per cent in 2021 and 4.4 per cent in 2022."

In 2020, the global economy contracted by 3.3 per cent.

"Nonetheless, the outlook presents daunting challenges related to divergences in the speed of recovery both across and within countries and the potential for persistent economic damage from the crisis," she said in her foreword to the report.

-- PTI

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