World Economic Outlook: IMF

  • The latest edition of the International Monetary Fund’s (IMF) World Economic Outlook has raised its Financial Year (FY) 2021 for India's growth forecast to 12.5% from 11.5% estimated earlier in January 2021. 
  • Indian economy is expected to grow by 12.5% in 2021 and 6.9% in 2022.
  • In 2020, India’s economy witnessed an estimated contraction of 8%.

GLOBAL ECONOMY

  • China was the only major economy to have a positive growth rate of 2.3% in 2020.
  • The IMF predicted stronger recovery in 2021 and 2022 with growth projected to be 6% in 2021 and 4.4% in 2022.
  • In 2020, the global economy contracted by 3.3%.

IMF

  • The IMF was set up in 1945, along with the World Bank after the Second World War to assist in the reconstruction of war-ravaged countries.
  • Managing Director: Kristalina Georgieva.
  • Headquarters: Washington, D.C., U.S.
  • Chief Economist: Gita Gopinath.

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