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Only India and China to have positive GDP growth in 2020

2020-07-22 | Corporate

As the global economy hits the worst recession since the Great Depression in the 1930s, the latest edition of the World Economy Report from IMF has pointed out that only two countries - India at 1.9 per cent and China at 1.2 per cent - will see some sort of growth in GDP in 2020. It projected global growth in 2020 to fall to -3 per cent. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period, said Ms Gita Gopinath, IMF Chief Economist. Most countries in the advanced economy group are forecast to contract this year, including the United States (–5.9 per cent), Japan (–5.2 per cent), the United Kingdom (–6.5 per cent), Germany (–7 per cent), France (–7.2 per cent), Italy (–9.1 per cent) and Spain (–8 per cent), the IMF report said. It also said that India and China are likely to bounce back strongly in 2021, with India expected to grow at 7.4 per cent and China at 9.2 per cent.