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India’s economy to contract by 10.3%: IMF
Why is it in news?
- The International Monetary Fund (IMF), released its 'World Economic Outlook' report 2020.
- According to the report, India’s economy is expected to contract 10.3% in the current fiscal year.
More from IMF Report:
- The Global output is projected to shrink 4.4% in 2020.
- The projection for India is a downgrade of 5.8% from its June forecast.
- India is expected to rebound in the fiscal year beginning in April 2021 with 8.8% growth.
- Consumer prices in India are expected to grow at 4.9% this year.
- The current account balance is projected to grow by 0.3% this year.
- After 2021, global growth is expected to ease off at 3.5% in the medium term.
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.