IMF downgrades global growth estimates

IMF downgrades global growth estimates

Agency News

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.