World Economic Outlook

WEO is a survey by the IMF that is usually published twice a year in the months of April and October. It analyzes and predicts global economic developments during the near and medium term. In response to the growing demand for more frequent forecast updates, the WEO Update is published in January and July between the two main WEO publications released usually in April and October.

WEO update has projected a sharp contraction of 4.5 % in FY21, a steep drop from its April forecast of a 1.9 per cent expansion, calling it a "historic low" for India. In fact, India faced the sharpest cut in the outlook, a 6.4% (WEO April 2020) point revision due to a more severe fallout of the pandemic than anticipated.

However, India is expected to bounce back in FY22 with a 6 % growth rate. In comparison, emerging markets (EMs) and developing countries saw a 2-percentage point reduction in outlook, while the global outlook was cut by 1.9 percentage points.

Source: IE

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