WASHINGTON : The IMF on Wednesday projected a sharp contraction of 4.5% for the Indian economy in 2020, a "historic low," citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust 6% growth rate.The International Monetary Fund (IMF) projected the global growth at –4.9% in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast."We are projecting a sharp contraction in 2020 of -4.5 per cent.
Given the unprecedented nature of this crisis, as is the case for almost all countries, this projected contraction is a historic low," Indian-American Gita Gopinath, IMF’s Chief Economist, told PTI as she released the.