India still one of the only 2 nations to have at least some GDP growth this year, says IMF

The IMF on Tuesday projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic that has nearly stalled all economic activities across the world.

With this subdued forecast, India is likely to record its worst growth performance since the 1991 liberalisation. But the International Monetary Fund, in its latest edition of the World Economy report, has placed India as the fastest-growing emerging economies of the world.

It is among the only two major countries, which will register a positive growth rate in 2020. The other being China, for which the IMF has projected a growth rate of 1.2 per cent.

“We project global growth in 2020 to fall to -3 per cent. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period,” Indian–American Gita Gopinath, the IMF Chief Economist said, adding that the COVID-19 pandemic will severely impact growth across all regions.

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