India may overtake China on the economic reform front, IMAF estimates

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The IMF, the International Monetary Fund, has revised its estimates for January on the economic growth rate.

In January, the IMF estimated the Indian economy to grow at a rate of 7.5 per cent between 2021-22.

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The organization has now projected India’s economic growth rate to reach 12.5 percent in its annual global economic scenario for 2021-22.

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This is not only much better than the January estimates, but is also much higher than that of China. It has kept China’s projected economic growth rate at 8.6 percent during 2021-22.

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Whereas China has been the only economic power among the top five economies in the world, whose growth rate has also been positive during the Corona transition in 2020.

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China, on the other hand which was the only major economy to have a positive growth rate of 2.3 per cent in 2020, is expected to grow by 8.6 per cent in 2021 and 5.6 per cent in 2022.

Chief economist at IMF Gita Gopinath said: “We are now projecting a stronger recovery in 2021 and 2022 for the global economy compared to our previous forecast, with growth projected to be 6 per cent in 2021 and 4.4 per cent in 2022”.

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According to the report, after an estimated contraction of –3.3 per cent in 2020, the global economy is projected to grow at 6 per cent in 2021, moderating to 4.4 per cent in 2022.

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