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Formalisation of labour force needs to be accelerated to get India's growth back: IMF's Gita Gopinath

Updated : June 26, 2020 09:10 AM IST

The International Monetary Fund expects India's GDP to contract by 4.5 percent in the current fiscal. It is a steep downward revision of 640 basis points from its April forecast, when it had pegged the economy to grow at 1.9 percent, which was also the sharpest cut among all other major economies.

According to the IMF, India's longer than expected lockdown has slowed recovery, resulting in a downward revision. Further, the IMF expects the global economy to contract by 4.9 percent in 2020.

To discuss these projections and the unprecedented challenges that the world is facing, Shereen Bhan spoke to Gita Gopinath, the chief economist of IMF.
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