IMF releases “World Economic Outlook”- Recent Growth Projections about India & the World Economy

The International Monetary Fund (IMF) has released the “World Economic Outlook” report. It is an analysis of global economic developments during the near and medium term. In its recent projections, the report stated India to be the fastest growing major economy in this year of coronavirus pandemic. It has also indicated that the crisis caused by the coronavirus will overlook the damages caused by the global financial crisis a decade back.

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What is “World Economic Outlook”?

“World Economic Outlook” report is being published by the International Monetary Fund (IMF) twice a year. The report is generally a survey conducted by the staff of IMF. The report is a compilation of various annexes, charts, boxes, and an extensive statistical appendix to augment the text. The report which is published twice a year, presents the analyses of global economic developments during the near and medium term, done by the IMF staff. The report consists of various chapters providing detailed analysis of the world economy, considering the issues affecting industrial countries, developing countries, and economies in transition to market. The report also addresses the topics of pressing current interests.

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Recent projections about the various economies:

The International Monetary Fund (IMF) has released the “World Economic Outlook” report at a time when the whole world is battling with the COVID-19 pandemic. The report has forecasted the growth rates of the global economy, advanced economies as well as the emerging market and developing economies.

Here are the latest projections published in the “World Economic Outlook” report:

• IMF has reduced India’s Gross Domestic Product (GDP) growth rate from 5.8% to 1.9% in the fiscal year 2020-21. It has also stated that India’s GDP will show recovery in the next financial year with the growth rate of 7.4%.
• IMF has projected that the world economy will contract sharply by 3% in 2020, overshadowing the damages caused by the 2008–09 financial crisis.
• IMF has projected China’s economy to grow at the growth rate of 1.2% in the fiscal year 2020-21 while it will grow at 9.2% in the fiscal year 2021-22.

In the report, IMF has also indicated that the recovery forecast for the fiscal year 2021 is subjected to the assumption that the pandemic being brought under control in the second half of 2020, scaling back the containment efforts and hence restoring the consumer and investor confidence.

Conclusion:

The “World Economic Outlook” report released by the International Monetary Fund (IMF) suggests that the global economy is going to face the worst ever recession, exceeding the impacts caused by the financial crisis a decade ago. The present situation of the lockdown in the world has been termed as the Great Lockdown, shrinking the global growth dramatically. As per the projections, emerging Asia is expected to be the only region to display a positive growth rate in the fiscal year 2020 i.e. 1%, a value that is more than 5% points below its average in the previous decade.

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