The main downside risk to India's growth forecast is the continued spread of t
The main downside risk to India’s growth forecast is the continued spread of the Covid-19 pandemic as the health crisis has not yet been contained, a top IMF official said on Tuesday, noting that the country’s near-term growth outlook continues to be clouded by the global and domestic slowdown and uncertainties relating to the coronavirus.
Recently, the International Monetary Fund (IMF) in its report projected the Indian economy to contract by -4.5 per cent in 2020, which is the slowest Indian growth that it has in its record since 1961.
“The main downside risk to India’s growth forecast is the continued spread of the pandemic as the health crisis has not yet been contained. Further outbreaks could require additional lockdowns to contain the pandemic. Concerns about the virus could also dampen consumer confidence and delay the economic recovery, Chang Yong Rhee, who is director of IMF’s Asia and Pacific Department, told PTI in an interview.
The economic impact of Covid-19 has been substantial and…