Chief Economist of the International Monetary Fund Gita Gopinath said on Tuesday that India is doing well in terms of vaccinating its own people, which is undoubtedly beneficial to its economy, as the global financial organisation forecast 9.5 per cent growth for India in 2021 in its current projection.
“We haven’t changed our growth projection for India for this year.I mean, India got out of a very, very challenging second wave, which resulted in a huge downgrade in July, but we have no change (in its growth rate predictions) as of now, said Gita Gopinath, Chief Economist of the IMF, during a virtual conference call with reporters on Tuesday.
She stated that in order to ensure consistent growth, India must maintain its vaccination rate, and that public infrastructure investment will accelerate economic recovery.
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India’s growth estimate in the current World Economic Outlook is unchanged from the previous WEO update in July this summer, although it is three percentage points lower in 2021 and 1.6 percentage points lower than in April.
According to the most recent WEO update, issued before of the IMF and World Bank annual meetings, India’s GDP, which fell by 7.3% last year owing to the COVID-19 epidemic, is predicted to expand by 9.5% in 2021 and 8.5% in 2022.
The global economy is expected to grow at a 5.9 percent annual rate in 2021 and 4.9 percent in 2022.
(With inputs from agencies)
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