India's growth rate to be 1.9% in 2020: IMF report
IMF
The International Monetary Fund(IMF) said on Tuesday that the coronavirus pandemic recovery would take a more coordinated stimulus.
"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said.
"Global growth is projected at –3.0 per cent in 2020, an outcome far worse than during the 2009 global financial crisis," IMF said.
"Several economies in the region are forecast to grow at modest rates, including India which is set to grow at 1.9 per cent," the report said.
The IMF projected India's growth to 7.4 per cent in 2021. It said India will grow at 1.9 per cent this year as the global economy stares at a recession but said it is only one of the two major economies to record positive growth, other being China which is set to grow at 1.2 per cent this year.
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In another observation, the international fund had earlier said that Sub-Saharan African economies were projected to contract by 1.6 per cent in 2020 due to lockdowns as it projected the global economy to contract by 3.0 per cent this year.
"Among emerging market and developing economies, all countries face a health crisis... which will have a severe impact on economic activity in commodity exporters," said the report.
"Even in countries not experiencing widespread detected outbreaks... the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19," the IMF added.