The Indian economy, severely hit by the corona virus pandemic, is projected to contract by a massive 10.3% this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8% growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2%, the IMF said in its latest ‘World Economic Outlook’ report. The report said global growth would contract by 4.4% this year and bounce back to 5.2% in 2021.America’s economy is projected to contract by 5.8% in 2020 and grow by 3.9% the next year, the IMF said. China is the only country,among the major economies, to show a positive growth rate of 1.9% in 2020. According to the IMF, India is among those likely to suffer the greatest damage from global warming, reflecting its initially high temperatures For India, the net gains from climate change mitigation-relative to inaction-would be up to 60-80% of GDP by 2100. Last week, the World bank said India’s GDP this fiscal is expected to contract by 9.6%.
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