IMF World Economic Outlook - October 2020

The International Monetary Fund (IMF) released its World Economic Outlook – October 2020 report where it has projected global growth to fall by 4.4% in 2020 and expect a rebound of 5.2% in 2021. After the rebound in 2021, global growth is expected to gradually slow to about 3.5% in the medium term. In case of India, there has been a sharp downward revision in the GDP contraction from its June projections for FY21. The IMF believes that the economy is expected to contract by 10.3% in FY21 and rebound to 8.8% in FY22.