India’s economy to contract by 10.3%, says International Monetary Fund

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News: International Monetary Fund(IMF) has released the World Economic Outlook Report,2020 titled “A Long and Difficult Ascent”.

Facts:

  • The report is published twice a year.
  • Aim: To provide analysis and forecasts of economic developments of member countries and highlights risks and uncertainty.

Key Takeaways:

  • Global growth is projected to be -4.4% ( i.e., a contraction in output of 4.4%) for 2020.
  • Indian economy is expected to grow at -10.3 % ( i.e., a contraction) in 2020.However, India is expected to rebound in 2021 with 8.8% growth.

Additional Facts:

  • IMF: It is an organization of 189 countries which seeks to ensure the stability of the International monetary system.Headquarters:Washington, US.
    • Reports: a) Global Financial Stability Report and b) Fiscal Monitor(FM).