The International Monetary Fund (IMF) on Tuesday forecasted India’s economy to grow by 11.5 percent in the next financial year (2021-22). It can then be considered one of the fastest-growing major economies. The International Monetary Fund (IMF) has shown this in its latest World Economic Outlook report. The International Monetary Fund reported that it had projected global growth of 5.5 percent for the year 2021. Also, the IMF said that it would depend more on the virus and vaccine output. Among the economies whose growth forecast for the year 2021 has been released, the highest growth estimate is for the Indian economy only. In 2021, the IMF forecasts GDP growth of 5.1 for the US, 3.1 for Japan, 4.5 for the UK, 8.1 for China, 3.0 for Russia, and 2.6 percent for Saudi Arabia. The IMF forecasts 2.5 percent growth in the US economy for the year 2022. Apart from this, the IMF for the year 2022 has 4.1 percent in the French economy, 3.6 percent in Italy, 4.7 percent in Spain, 2.4 percent in Japan, 5 percent in the UK, 4.1 percent in Canada, 5.6 percent in China, 4 percent in Saudi Arabia. , Has forecast growth of 2.6 percent in Brazil and 1.4 percent in South Africa.
The report showed 8 percent decline in India’s economy in the current financial year due to the Covid-19 pandemic. In the last three months, vaccines have had unprecedented strong success in some countries and some countries have started ambitious vaccination campaigns. The outcome of this race of vaccines depends on the ability to end the pandemic, and to provide effective support until policies are in place, and the prospects in countries vary greatly.
The IMF stated that in our latest World Economic Outlook forecast, we forecast global growth for 2021 at 5.5 percent, 0.3 percent higher than our October forecast, at 4.2 percent in 2022. For 2021 shows the positive effects of the introduction of vaccination in some countries. There is an expected increase in activities in the form of additional policy support and health crises in late 2020 in economies such as the United States and Japan.
We project global growth of 5.5% for 2021 but much depends on the outcome of the race between the virus and vaccines and on the policy support provided. Read @GitaGopinath‘s latest #IMFblog. #WEO https://t.co/l6a6MLEYha pic.twitter.com/QPnvnBQkjh
– IMF (@IMFNews) January 26, 2021