country economy contracted by 10.3% | Globe News Insider

The International Monetary Fund (IMF) on Tuesday forecast that the Indian economy will shrink by 10.3 per cent in the current financial year. However, the economy is expected to rebound soon and it is projected to grow at a modest 8.8 per cent in the next 2021-22 fiscal.

The Indian economy is set to re-emerge as the fastest growing economy in the world in 2021-22, according to a report by the International Monetary Fund. In 2021-22, China’s economic growth is expected to be slower than India’s at 8.2 per cent.

The report comes ahead of a joint annual meeting of the IMF and the World Bank. The global economy is projected to grow by 4.4 per cent in the current year and 5.2 per cent in the next 2021. In the current year, China will be the only major economy to register a positive growth of 1.9 per cent. The US economy is projected to shrink by 5.8 per cent in 2020 and 3.9 per cent next year, according to the World Health Organization.

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