Form of words:
Washington: India is doing well in terms of vaccinating its people and it is certainly helping its economy, a top International Monetary Fund official said on Tuesday, adding that the global financial institution in its latest outlook for India in 2021 at 9.5 percent growth rate is projected.
“We have not changed our growth forecast for this year for India. I mean, India came out of a very difficult second wave and there was a big drop in July, but we don’t have any change (in its growth rate projections) as of now, IMF Chief Economist Gita Gopinath told reporters. A virtual conference call on Tuesday.
India’s growth forecast released by the latest World Economic Outlook this summer is unchanged from its previous WEO update for July, but is down three percentage points in 2021 and 1.6 per cent from April’s estimates.
According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, India’s economy which contracted 7.3 per cent year on year due to the COVID-19 pandemic, is expected to grow by 9.5 per cent and 8.5 per cent in 2021. in 2022.
The world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022. The United States is projected to grow at six per cent this year and 5.2 per cent next year. China, on the other hand, is projected to grow 8 percent in 2021 and 5.6 percent in 2022, the IMF said.
Gopinath said that the Indian economy is already facing many challenges with respect to the financial market, with regards to the fact that the virus is not gone yet.
“Indians are doing well in terms of vaccination rates and that is definitely helpful,” Gopinath said in response to a question.
Malhar Nabar, head of the Department of World Economic Studies in the IMF’s research division that produces the World Economic Outlook (WEO), said there is still room to provide more aid if needed if the pandemic takes a turn for the worse. , to provide it. In a targeted manner to the worst affected families and firms.
“But going forward in the medium term, it was important to put in place a credible medium-term strategy to bring the debt to GDP ratio and meet the future growth needs and infrastructure needs of the Indian economy,” Nabar said. said. In answer to a question. –PTI
Read also: IMF says Indian economy expected to grow 9.5 percent this year, 8.5 percent in 2022
subscribe our channel youtube And Wire
Why is the news media in crisis and how can you fix it?
India needs free, unbiased, non-hyphenated and questionable journalism even more as it is facing many crises.
But the news media itself is in trouble. There have been brutal layoffs and pay-cuts. The best of journalism are shrinking, yielding to raw prime-time spectacle.
ThePrint has the best young journalists, columnists and editors to work for it. Smart and thinking people like you will have to pay a price to maintain this quality of journalism. Whether you live in India or abroad, you can Here.