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The IMF MD also said that India will leave a mark in the areas of digitalization and digital money
IMF on Tuesday, in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India
The 10.3% GDP contraction for India is for the current fiscal year, ending on March 2021, as opposed to projections for all other economies based on the calendar year 2020. IMF's outlook for India for the current calendar year 2020 is pegged at 8.6% decline
Global gross domestic product will shrink by 3% in 2020 before recovering by 5.8% in 2021, according to the International Montetary Fund's base case.
The agency cut the country's 2019 economic growth from the 6.1 per cent that it estimated in October, citing a sharper-than-expected fall in domestic demand and stress in NBFCs leading to a decline in credit growth.
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According to the recent Regional Economic Outlook (Asia and Pacific) report by IMF, India will be the fastest growing economy followed by Bhutan and Bangladesh
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IMF said India's growth is expected to rebound to 7.4 per cent in FY 2018-19 and 7.8 per cent in FY 2019-20