India's economy to contract by 10.3%, ---IMF

14 oct 2020

India's economy to contract by 10.3%, ---IMF

As per the report released by International Monetary Fund, the Indian economy is expected to grow at a negative rate of 10.3%. Global growth is expected to be -4.4%. The report is World Economic Outlook October 2020 report titled, "A long and Difficult Ascent". India is expected to rebound in 2021 with 8.8% growth. There has been a contraction of GDP this year. The world would not be able to fully catchup to its state pre-pandemic till 2025.
Urgent action is required for greater collaboration on tests, vaccines etc. Policies should be made to cover economic damage. Workers must be considered more in the growing sectors like e-commerce. Financial risks need to be prevented and central bank's interdependence should be safeguarded at all costs.