భారత వృద్ధి రేటు పై IMF తాజా అంచనా||IMF grim forecast for India and the World||
That 2020 would be one of the worst years on record for India and the rest of the world was not in doubt, but just how bad this year’s economic recession will get has had a wide range of estimates. For those hopeful of just a minor contraction in output, an update of the World Economic Outlook of the International Monetary Fund (IMF) issued on Wednesday offers a sobering picture. By its new forecasts, the world’s gross domestic product (GDP) is set to contract by 4.9% in 2020. This is worse than the decline of 3% it had projected back in April. The devastation wrought by the Great Lockdown, as IMF’s chief economist Gita Gopinath termed it, accounts for most of the revision. Worldwide, policy responses have been mounted to ease the suffocation of commerce, but they are unlikely to save the global economy from its plunge. India’s shutdown has been among the world’s harshest, and it should be no surprise that IMF’s outlook for our GDP has gone from positive to negative in a span of just about two months. In April, IMF had predicted growth of 1.9% for India this year. Now the global institution projects a reduction in GDP of 4.5%. Gopinath attributed this to the dual effect of a lockdown that lasted far longer than anticipated.
It is no consolation that most major economies, barring China’s, which may grow by 1%, are expected to become smaller than they were in 2019. The US could see its economy shrink by 8% this year, despite running a stimulus programme worth one-tenth of its GDP, while the Eurozone’s output could be 10.2% less than last year’s. This is a crisis like no other, and so question marks hover over how each economy would respond to fiscal and monetary rescue efforts.
About SocialNewsXYZ
An Indo-American News website. It covers Gossips, Politics, Movies, Technolgy, and Sports News and Photo Galleries and Live Coverage of Events via Youtube. The website is established in 2015 and is owned by AGK FIRE INC.
భారత వృద్ధి రేటు పై IMF తాజా అంచనా||IMF grim forecast for India and the World|| That 2020 would be one of the worst years on record for India and the rest of the world was not in doubt, but just how bad this year’s economic recession will get has had a wide range of estimates. For those hopeful of just a minor contraction in output, an update of the World Economic Outlook of the International Monetary Fund (IMF) issued on Wednesday offers a sobering picture. By its new forecasts, the world’s gross domestic product (GDP) is set to contract by 4.9% in 2020. This is worse than the decline of 3% it had projected back in April. The devastation wrought by the Great Lockdown, as IMF’s chief economist Gita Gopinath termed it, accounts for most of the revision. Worldwide, policy responses have been mounted to ease the suffocation of commerce, but they are unlikely to save the global economy from its plunge. India’s shutdown has been among the world’s harshest, and it should be no surprise that IMF’s outlook for our GDP has gone from positive to negative in a span of just about two months. In April, IMF had predicted growth of 1.9% for India this year. Now the global institution projects a reduction in GDP of 4.5%. Gopinath attributed this to the dual effect of a lockdown that lasted far longer than anticipated. It is no consolation that most major economies, barring China’s, which may grow by 1%, are expected to become smaller than they were in 2019. The US could see its economy shrink by 8% this year, despite running a stimulus programme worth one-tenth of its GDP, while the Eurozone’s output could be 10.2% less than last year’s. This is a crisis like no other, and so question marks hover over how each economy would respond to fiscal and monetary rescue efforts.