News > Second wave in India was ‘catastrophic’, says IMF chief economist on downgrade

Second wave in India was ‘catastrophic’, says IMF chief economist on downgrade

The second wave of the coronavirus pandemic in India was “catastrophic”, unlike in other countries, International Monetary Fund Chief Economist Gita Gopinath said on Wednesday while explaining the economic body’s decision to downgrade India’s growth projection, NDTV reported.

On Tuesday, the IMF lowered its economic growth projection for India for the current financial year (2021-’22) by three percentage points to 9.5% from the earlier forecast of 12.5% made in April.