IMF Says India To Face Worst Contraction On Record, Revises Forecast

India's economic growth forecast was slashed further by the International Monetary Fund (IMF) today, with the country now facing the biggest contraction of major emerging markets in the wake of the coronavirus pandemic. Gross domestic product (GDP) will shrink 10.3% in the fiscal year to March 2021, the Washington-based lender said in its World Economic Outlook, far worse than the 4.5% decline predicted in June. The 5.8 percentage-point downgrade was the biggest of the world's main economies.

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