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IMF cuts India FY21 growth projection to 1.9%

city New Delhi India 2020 pandemic economy shock
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NEW DELHI: The International Monetary Fund (IMF) on Tuesday slashed its growth projection for India to 1.9% for financial year 2021 from 5.8% estimated in January, holding that the ‘Great Lockdown’ to combat the covid-19 outbreak will throw the world economy into the worst recession since the Great Depression in 1930s.

The coronavirus pandemic came at a time when India’s economy was already slowing, due to persistent financial sector weaknesses.

The severe disruption to economic activities by the covid-19, both through demand and supply shocks, has overtaken the incipient recovery in the Indian economy leading to massive job losses.

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covid-19
COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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