"Growth prospects in India have been downgraded following the severe second COVID wave during March–May and expected slow recovery in confidence from that setback," the multilateral institution said in its latest World Economic Outlook report.
FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
The International Monetary Fund, on July 27, cut India's gross domestic product (GDP) growth forecast to 9.5 percent for fiscal year 2021-22, from the previous forecast of 12.5 percent, citing the hit on economic activity and demand due to the deadly 'second wave' of the COVID-19 pandemic.
"Growth prospects in India have been downgraded following the severe second COVID wave during March–May and expected slow recovery in confidence from that setback," the multilateral institution said in its latest World Economic Outlook report.
The report said that steady recovery is not assured anywhere so long as segments of the population remain susceptible to the virus and its mutations. "Recovery has been set back severely in countries that experienced renewed waves— notably India," it said.
(This is a developing story, more to follow)IMF cuts India's FY22 GDP forecast to 9.5% from 12.5% - Moneycontrol.com
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