The IMF on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.

The International Monetary Fund's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by eight per cent in 2020 due to the pandemic.

In its latest update, the IMF projected a 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021, it said.

China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent).

Revising its figures, the IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent. China is the only major country which registered a positive growth rate of 2.3 per cent in 2020.

India's economy, the IMF said, is projected to grow by 6.8 per cent in 2022 and that of China by 5.6 per cent.

With the latest projections, India regains the tag of the fastest developing economies of the world.

IMF Chief Economist Gita Gopinath, during a virtual press conference to release the WEO update, said that India has somewhat a faster pace of recovery, but cumulatively by the end of 2022, it is nine per cent below its pre-pandemic projected level.

"Cumulatively by the end of 2022, India is still nine per cent below its pre pandemic projected level,"&nbsp;Gopinath said.

"We are seeing India come back to its 2019 levels and 2021, but it's still below. Why do we have these upgrades (in IMF's growth projections for India)....because the activity and mobility particularly came back much faster than expected in India. We have not seen another wave,"&nbsp;Gopinath said.

"In fact, we are seeing a very strong decline in cases, which is again a bit different from other parts of the world. So, these factors, including what we're seeing in terms of high frequency indicators, point to have some what faster pace of recovery. But again, there is still some distance to go,"&nbsp;Gopinath said.

Early this month, IMF Managing Director Kristalina Georgieva had said that India actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it.

India, she said, went for a very dramatic lockdown for a country of this size of population with people clustered so closely together. And then India moved to more targeted restrictions and lockdowns.

The IMF on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.

The IMF on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic. The International Monetary Fund's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by eight per cent in 2020 due to the pandemic. In its latest update, the IMF projected a 11.5 per cent growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021, it said. China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent). Revising its figures, the IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent. China is the only major country which registered a positive growth rate of 2.3 per cent in 2020. India's economy, the IMF said, is projected to grow by 6.8 per cent in 2022 and that of China by 5.6 per cent. With the latest projections, India regains the tag of the fastest developing economies of the world. IMF Chief Economist Gita Gopinath, during a virtual press conference to release the WEO update, said that India has somewhat a faster pace of recovery, but cumulatively by the end of 2022, it is nine per cent below its pre-pandemic projected level. "Cumulatively by the end of 2022, India is still nine per cent below its pre pandemic projected level," Gopinath said. "We are seeing India come back to its 2019 levels and 2021, but it's still below. Why do we have these upgrades (in IMF's growth projections for India)....because the activity and mobility particularly came back much faster than expected in India. We have not seen another wave," Gopinath said. "In fact, we are seeing a very strong decline in cases, which is again a bit different from other parts of the world. So, these factors, including what we're seeing in terms of high frequency indicators, point to have some what faster pace of recovery. But again, there is still some distance to go," Gopinath said. Early this month, IMF Managing Director Kristalina Georgieva had said that India actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it. India, she said, went for a very dramatic lockdown for a country of this size of population with people clustered so closely together. And then India moved to more targeted restrictions and lockdowns.

IMF projects 11.5% growth rate for India in 2021

The International Monetary Fund(IMF)&nbsp;warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus <a href="https://www.wionews.com/world/pandemic-downturn-offers-path-to-address-climate-change-imf-333245">pandemic</a>.

<a href="https://www.wionews.com/business-economy/imfs-debt-restructuring-should-help-countries-overcome-fiscal-stress-nirmala-sitharaman-335437">Also Read:&nbsp;IMF's debt restructuring should help countries overcome fiscal stress, says&nbsp;Nirmala Sitharaman</a>

"Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed," an <a href="https://www.wionews.com/india-news/gdp-in-most-countries-to-recover-to-pre-pandemic-levels-by-2022-imf-335038">IMF</a> report said.

IMF said next year's growth will be below par in Asia especially in those countries which are dependent on tourism.

The international body said Asia's economy may contract 2.2 per cent this year due to a slump in economic activity in Malaysia, Philippines and <a href="https://www.wionews.com/india-news/modis-aatmanirbhar-bharat-important-initiative-imf-330233">India</a>.&nbsp;

The IMF warned that India's economy is likely to shrink 10.3 per cent this year even as forecast China's economy to expand 1.9 per cent even as it said Asia's economy is likely to grow 6.9 per cent next year.

"With the pandemic seemingly far from over, policy support should be sustained and, in some cases, increased," the <a href="https://www.wionews.com/india-news/further-fiscal-stimulus-warranted-in-india-says-imf-326694">IMF</a> said, adding,"full arsenal of policy support is needed that includes steps to help households and businesses cope with structural changes caused by COVID-19 such as permanent job losses in industries like tourism."

The IMF had earlier urged the Middle East and North African countries to accelerate reforms and diversify their economies amid the coronavirus pandemic as it projected the economies of the MENA region to shrink by five per cent this year.

The region which is rich in oil may continue to experience downturn in oil prices with the average price of oil expected to be $41.69 a barrel this year and $46.70 a barrel in 2021, down from $57-$64 average in 2019, the IMF forecast highlighted.

The International Monetary Fund(IMF) warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus pandemic.

The International Monetary Fund(IMF) warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus pandemic. Also Read: IMF's debt restructuring should help countries overcome fiscal stress, says Nirmala Sitharaman "Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed," an IMF report said. IMF said next year's growth will be below par in Asia especially in those countries which are dependent on tourism. The international body said Asia's economy may contract 2.2 per cent this year due to a slump in economic activity in Malaysia, Philippines and India. The IMF warned that India's economy is likely to shrink 10.3 per cent this year even as forecast China's economy to expand 1.9 per cent even as it said Asia's economy is likely to grow 6.9 per cent next year. "With the pandemic seemingly far from over, policy support should be sustained and, in some cases, increased," the IMF said, adding,"full arsenal of policy support is needed that includes steps to help households and businesses cope with structural changes caused by COVID-19 such as permanent job losses in industries like tourism." The IMF had earlier urged the Middle East and North African countries to accelerate reforms and diversify their economies amid the coronavirus pandemic as it projected the economies of the MENA region to shrink by five per cent this year. The region which is rich in oil may continue to experience downturn in oil prices with the average price of oil expected to be $41.69 a barrel this year and $46.70 a barrel in 2021, down from $57-$64 average in 2019, the IMF forecast highlighted.

India's economy to shrink 10.3%, China to expand 1.9% this year: IMF

IMF has said that India's gross domestic product (GDP) is expected to contract by 10.3% due to the impact of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic.

IMF's biannual world economic outlook: India's GDP to contract