New Delhi / Team Digital. The Indian economy, which is badly affected by Coronavirus, is expected to witness a big decline of 10.3 percent during this year. The International Monetary Fund (IMF) said this on Tuesday. At the same time, during this period the world economy is projected to grow by 4.4 percent and in 2021 with a strong growth of 5.2 percent.
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India will beat China in 2021
However, at the same time the IMF has said that in 2021, the Indian economy will probably register a strong growth of 8.8 percent and it will regain the status of a fast growing emerging economy leaving China behind. China is projected to achieve 8.2 percent growth in 2021. The IMF has expressed these estimates in its latest report on ‘World Economic Scenario’. These reports have been released ahead of the annual annual meeting of the IMF and the World Bank.
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4.4 percent decline in world economy
It states that the global economy will decline by 4.4 percent in 2020 and will achieve a strong growth of 5.2 percent in 2021. According to this IMF report, the US economy is projected to decline by 5.8 percent in 2020 while it will grow by 3.9 percent next year. During the year 2020, China will be the only country among the major economies of the world to register a growth of 1.9 percent.
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10.3 percent decline expected
The IMF stated in its report that the revision of estimates in terms of economic activity is larger in the case of India where the gross domestic product (GDP) is higher than the estimates during the second quarter (April-June, first quarter according to India’s fiscal year). There has been a big fall somewhere. “As a result, the economy is projected to decline by 10.3 percent in 2020, while in 2021 it will grow by 8.8 percent,” the report said.
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India’s GDP will decrease by 9.6 percent in this financial year
Earlier in 2019, India’s economic growth rate was 4.2 percent. According to the IMF, India is among the countries most affected by climate change. This reflects its initial high temperature. Last week, the World Bank said that India’s GDP will decline by 9.6 percent in this financial year. The World Bank made this estimate in the South Asia Economic Report.