Fastest recovery possible in India’s economy in 2021, 8.8% growth projected: IMF

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Photo:FILE Estimates of fast recovery in Indian economy next year

new Delhi. The Indian economy may see a faster recovery next year. According to the estimates of the International Monetary Fund, in 2021, India may be the fastest growing economy in the world. In the estimate released today, the IMF has said that India can achieve 8.8 percent growth in the year 2021, if the estimates are true then India will become the fastest growing economy in the world. The IMF has projected 8.2 percent growth for China in 2021.

The IMF, however, made it clear in its report that the Indian economy will witness a sharp decline this year due to the Corona crisis. According to estimates, the economy may fall by 10.2 percent in the year 2020. The report said that the full-year growth was impacted by a higher than expected fall in the June quarter. The Indian economy has seen a 25 per cent decline during the quarter ended in June. At the same time last week, the World Bank had estimated a 9.6 percent fall in India’s GDP for 2020. The World Bank had said that there has been a big impact on the economy in India, such an impact has never been seen before. In the year 2019, India had achieved a growth of 4.2 percent.

According to the IMF, only China’s economy will be able to register a growth in 2020, for this year, China’s economy is projected to grow by 1.9 percent. At the same time, it has been estimated in the report that this year will see a decline of 4.4 percent in global growth, while next year it will grow by 5.5 percent. While the US economy will see a decline of 5.8 percent this year, next year the economy will grow at a rate of 3.9 percent.

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