What's new

Indian Economy to Bounce Back to Fastest Growing with 8.8% Growth in 2021: IMF

Joe1351

FULL MEMBER

New Recruit

Aug 16, 2019
83
-1
49
Country
United States
Location
United States
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.


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.



Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.


America's economy is projected to contract by 5.8 per cent in 2020 and grow by 3.9 per cent the next year, the IMF said.


China is the only country, among the major economies, to show a positive growth rate of 1.9 per cent in 2020, it said.


The IMF in its report said that revisions to the forecast are particularly large for India, where Gross Domestic Product (GDP) contracted much more severely than expected in the second quarter.


"As a result, the economy is projected to contract by 10.3 per cent in 2020, before rebounding by 8.8 per cent in 2021," it said.


In 2019, India's growth rate was 4.2 per cent.


According to the IMF, India is among those likely to suffer the greatest damage from global warming, reflecting its initially high temperatures. For India, the net gains from climate change mitigation-relative to inaction-would be up to 60-80 per cent of GDP by 2100.


While estimates of losses from climate change are somewhat smaller for colder regions (for example, Europe, North America, and east Asia), these are likely underestimations as they do not include a number of damages (for example, rise in sea levels, natural disasters, damage to infrastructure from thawing of permafrost in Russia) and negative global spillovers from large economic disruptions in other parts of the world.


Last week, the World bank said India's GDP this fiscal is expected to contract by 9.6 per cent.


"India's GDP is expected to contract 9.6 per cent in the fiscal year that started in March," the World Bank said in its latest issue of the South Asia Economic Focus report.


"The situation is much worse in India than we have ever seen before," Hans Timmer, World Bank Chief Economist for South Asia, told reporters during a conference call last week. "It is an exceptional situation in India. A very dire outlook," he said.


There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.


In the report, the World bank said the spread of the virus and containment measures have severely disrupted supply and demand conditions in India.

 

Protest_again

SENIOR MEMBER
May 19, 2019
3,089
-37
2,100
Country
India
Location
India
This will give heart burn to Pakistanis, who are pretty sure that India would continue to grow at Hindu growth rate (1%-2%) for next 5 years. Some even argued with me like they know my country better than I do. Lol.

@ziaulislam
 
Last edited:

gulli

FULL MEMBER
Jul 24, 2017
450
-5
267
Country
India
Location
India
We have a parallel economy running in India, plus government dosent factor in allot of things which are part of domestic consumption. Over all we have a huge domestic market, no surprise there.
 

vishwambhar

FULL MEMBER
Jan 22, 2020
1,066
-9
741
Country
India
Location
India
Now only prayer is to not to have any corona like trouble or war like situation with any country.....
 

Ghost Hobbit

BANNED
Aug 27, 2020
349
-15
182
Country
India
Location
India
Next time invent your own virus. Don't rely on cheap Chinese imports
you're suggesting India invented the virus....that's lame in a global scale.
@gulli

Actually this means very little. The real growth is going to come from agriculture. The new farm bills will mean that few middle men will be able to corner the money form now on. The farmers will now have the freedom to participate in the free market.

Rural India will FINALLY boom in an unprecedented scale. Prosperity is going to come to India's villages now.
Lol World Bank estimates for India have always been very optimistic ... we shall see how this pans out.
I notice you come to multiple threads and make posts and no one bothers....maybe you shouldn't work so hard on this.
 

Death Professor

FULL MEMBER
Sep 3, 2018
1,990
0
3,592
Country
Pakistan
Location
Pakistan
-10% for 2020 ahem ahem. Heart burn ahem ahem.

Both projections btw... don't know about 8.8% for next year but -10% for this year is more than confirmed since we already have data for Q1 and Q2.
 

rngsama

FULL MEMBER

New Recruit

Oct 15, 2020
21
0
7
Country
India
Location
India
Real estate sector has begun to pick the pace where I live .
 

redtom

FULL MEMBER
Aug 2, 2020
205
0
255
Country
China
Location
China
We all know that by 2100, India is the richest country.Why worry about short-term economic performance? 8-) 8-) 8-)
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)

Top