The International Monetary Fund on Monday cut its growth estimates for the global economy on slowdown concerns. The agency said global growth to increase modestly from 2.9% in 2019 to 3.3% in 2020 and 3.4% in 2021. IMF expects the Indian economy to grow at 5.8% in 2020.
In its January 2020 update on World Economic Outlook, IMF also lowered 2021 forecast to 3.4%. The sharp drop for India 'accounts for the lion's share of the downward revisions,' the agency said.