The second wave of corona has had a bad impact on India’s economy. This claim is made in the International Monetary Fund (IMF) report. The IMF report stated that “India’s growth prospects are low due to the second wave of corona during March-May and may take time to recover from this shock.” This estimation of the IMF about the economy increases the tensions of the Government of India.
Emerging and emerging economies such as India are down in the report. At the same time, the economies of those countries are viewed with hope, which has better access to corona vaccines. According to the report, those countries have been affected, where there is a fight for the corona vaccine.
3 percent reduction: Shortly before the second wave of Corona, let us tell you that the IMF is looking at India’s economy with hope. The IMF expects India’s economic growth rate to reach 12.5 per cent by 2021. However, in May, after the second wave of Corona, the IMF cut it to three percent.
Growth Rate 9.5 percent: According to the latest IMF estimates, India’s growth rate may be 9.5 per cent. In addition, the IMF has raised its growth rate forecast for fiscal year 2022 by 1.6 percent. The country’s growth rate is expected to increase by 8.5 percent in the next fiscal year, 2022.
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According to the IMF report, India is not the only economy hit by the second wave. Concerns have also been raised about the state of the economy in Indonesia, Malaysia, the Philippines, Thailand and Vietnam. With this, a new transformation or wave of the corona, warned that economic recovery could have a worldwide impact.