UNITED NATIONS : The International Monetary Fund (IMF) projects India to be the fastest growing major economy this year in a world plunged into a recession by the coronavirus pandemic, despite drastically slashing its growth rate to a paltry 1.9%.
The World Economic Outlook (WEO) report released on Tuesday by Chief Economist Gita Gopinath expects India to rebound in the next fiscal year with a growth rate of 7.4%, more than the projected 6.5% in the January update.
The WEO presents a dark picture of the world with the global economy shrinking by 3% this year. It said, "It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a