Deep cut: International Monetary Fund sees double-digit contraction for India

The International Monetary Fund (IMF)forecast a much deeper contraction for India in FY21 than estimated in its June review even as it raised the outlook for the global economy and most of the developed world.

By ET Bureau | Oct 14, 2020, 08.21 AM IST

A breakdown of the World Economic Outlook (WEO) released on October 13:

India’s economy faces a steep fall

Sharpest decline among major economies

India is the only major economy to see deterioration since June

Others also see equally deep decline for India

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