IMF report:India's GDP is expected to decline by 10.3 per cent this year, though 2021 will see an improvement of 8.8 per cent.

Emerging markets and developing economies are likely to decline this year

The International Monetary Fund (IMF) said on Tuesday that India's GDP could shrink by 10.3 per cent this year, though it is projected to grow by 8.8 per cent in 2021. Earlier in June, the IMF had projected a 4.5 per cent decline. The Koro epidemic and the lockdown in the country are responsible for the sharp decline in GDP.

Emerging markets and developing economies likely to decline The
IMF said in its semi-annual outlook on the global economy that all emerging markets and developing countries are likely to decline this year. This includes economies such as India and Indonesia in particular, which are constantly striving to control the Koro epidemic. In the case of India, the IMF has revised its first estimate of GDP for the second quarter. The economy is projected to shrink by 10.3 percent in 2020.

Global growth is likely to slow this year Global growth is expected to slow to
4.4 percent this year, according to a report released before the annual meeting of the IMF and the World Bank. The U.S. economy is projected to shrink by 5.8 percent in 2020, according to its own estimates. It could grow 3.9 percent next year. Only China's GDP is projected to be positive in the case of large economies. 

India's GDP growth rate in 2019 was 4.2 per cent

According to the report, India's GDP growth rate in 2019 was 4.2 per cent. Last week, the IMF said India's GDP could fall by 9.6 per cent this fiscal. The current situation in India is much worse than ever before.