Washington: The International Monetary Fund on Tuesday predicted that India’s economic growth rate in 2021 will be higher than China. The IMF said in its annual global economic scenario that in 2022 the growth rate of the Indian economy will come to around 6.9 percent. The Monetary Fund has released this report ahead of its annual meeting with the World Bank.
The Monetary Fund said that the Indian economy declined by a record 8 percent in 2020. But this year the growth rate is estimated to be 12.5 percent, which is much better. At the same time, China’s growth rate has been estimated to be 8.6 percent in 2021 and 5.6 percent in 2022. China’s growth rate last year was 2.3 percent and it has been the only major country in the world to achieve positive economic growth even during the Covid-19 epidemic.
IMF Chief Economist Geeta Gopinath said, “We are expecting a strong revival for the global economy as compared to earlier estimates. The growth rate of the global economy is estimated to be 6 percent in 2021 and 4.4 percent in 2022. “The world economy declined by 3.3 percent in the last year ie 2020. He wrote in the role of the report, “Although the scenario is different, the pace of revival within different countries and countries is different. Also, the risk of economic loss due to the crisis still remains. This poses major challenges for us. ”
According to the report, the decline in the global economy by 3.3 percent in the year 2020 is 1.1 percentage points lower than the estimate of the world economic scenario released in October 2020. This indicates that the growth rate has been better than anticipated after the relaxation of ‘lockdown’ in most areas in the second half of the year. Also, it shows that the economy has accepted the new trend of functioning.