The International Monetary Fund (IMF) on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making India the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.
The IMF’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 pc in 2020 due to the pandemic. In its latest update, the IMF projected a 11.5 pc 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 pc growth in 2021 followed by Spain (5.9 pc) and France (5.5 pc). Revising its figures, the IMF said that in 2020, the Indian economy is estimated to have contracted by eight. China is the only major country that registered a positive growth rate of 2.3 pc in 2020.
India's economy, the IMF said, is projected to grow by 6.8 pc in 2022 and that of China by 5.6 pc. With the latest projections, India regains the tag of the fastest developing economies of the world.
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