India's GDP Growth Revised To 4.5% Due To COVID-19 Outbreak

India, June 30 -- As a result of the Coronavirus outbreak, the International Monetary Fund (IMF) has revised earlier estimates for the global economy. The IMF has projected a contraction of 4.5% of the Indian economy in comparison to previous predictions. Global output is projected to decline by 4.9% in 2020, 1.9% percentage points below the IMF's April forecast

IMF, however, predicted some recovery in global growth for 2021, "In 2021 global growth is projected at 5.4 per cent. Overall, this would leave 2021 GDP some 6 half percentage points lower than in the pre-COVID-19 projections of January 2020," said IMF chief economist Gita Gopinath.

"The adverse impact on low-income households is particularly acute, imperilling the significant pro...