International Monetary Fund News
The Mysuru-born economist will succeed Geoffrey Okamoto, who is expected to depart the IMF early next year. Gopinath was the first woman to serve as the head economist of the International Monetary Fund. Gita Gopinath's nomination as the IMF's top economist made history in 2018, and it only took three years for the India-born woman to shatter it again.
In July, while India was in the grip of Covid-19`s second wave, the IMF had cut its forecast of 12.5 per cent made in April. The UK came next with 6.8 per cent growth this year, followed by France at 6.5 per cent, and the US at six per cent. The global economy is projected to grow 5.9 per cent in 2021 and 4.9 per cent in 2022.
With the unprecedented growth rate projection of 12.5 percent not seen in modern times, India also regains its status as the world`s fastest-growing economy, according to the WEO. The WEO projected India`s gross domestic product (GDP) growth to moderate to 6.9 percent in the next fiscal year, while still retaining the top growth rate spot. The IMF growth rate projection for India is nearly in line with the 12.6 percent from the Organization for Economic Cooperation and Development (OECD) last month.
The IMF projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register double-digit growth this year IMF's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy