What is the economic of India in 2020 ?
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More From Our Partners. Moody's raised its forecast for India's growth to -8.9% for the calendar year 2020 from -9.6% and for the coming year as well to 8.6% from 8.1% earlier, in its Global Macro Outlook 2021-22 report on Thursday.
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This is the second downgrade for India by IMF after it reversed its forecast of 1.9% growth in April to a 4.5% contraction in June for 2020-21. The economies of Spain and Italy are seen shrinking 12.8% and 10.6%, respectively.
Revisions to the forecast are particularly large for India, where GDP contracted much more severely than expected in the second quarter. As a result, the economy is projected to contract by 10.3% in 2020, before rebounding by 8.8% in 2021,” the multilateral lending institution said in its World Economic Outlook (WEO) Update. The growth in FY22 would be the highest in the world.