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Indian Economy To Shrink By 10.3% In 2020, To Bounce Back With 8.8

By fnf correspondent | PUBLISHED: 13, Oct 2020, 21:57 pm IST | UPDATED: 13, Oct 2020, 22:00 pm IST

Indian Economy To Shrink By 10.3% In 2020, To Bounce Back With 8.8 The International Monetary Fund (IMF) on Tuesday said that the Indian economy, which is currently reeling under the Coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year. However, it added that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021.


While releasing its World Economic Outlook October 2020 report titled, “A Long and Difficult Ascent”, the IMF said that despite taking a severe hit in 2021, India will regain the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent.

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.
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