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India set to grow 11.5% in 2021: IMF
Why is it in news?
- The International Monetary Fund (IMF) projected an 11.5% growth rate for India in 2021.
Details:
- IMF's growth projections for India reflected a rebound in the economy, which is estimated to have contracted by 8% in 2020 due to the pandemic.
- China is next with 8.1% growth in 2021 followed by Spain (5.9%) and France (5.5%).
- The IMF said that in 2020 China is the only major country which registered a positive growth rate of 2.3%.
About IMF:
- The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, United States, in July 1944.
- The International Monetary Fund (IMF) is an organization of 189 countries, headquartered in Washington, D.C.
- The IMF's primary purpose is to ensure the stability of the international monetary system.