The International Monetary Fund (IMF) on Wednesday stated that, it supports India’s proactive decision of a nationwide lockdown in its battle against Covid-19.
Earlier, the IMF in its World Economic Outlook had predicted India’s growth rate to be 1.9 percent in 2020.
“India entered the pandemic turmoil in the midst of a credit crunch-induced slowdown and its recovery prospect becomes more uncertain,” Chang Yong Rhee, the Director of the IMF’s Asia and Pacific Department, told reporters during an address at a news conference.
“Despite the economic slowdown, the government implemented a nationwide lockdown and we support India’s proactive decision,” Rhee said.
On 25 March, India started a 21 days lockdown, which was to end on 14 April. But the lockdown was extended till 3 May due to constant rise in coronavirus cases across the nation with some relaxations.
The implications of the coronavirus on the Asia-Pacific region will be serious, across the board, and unprecedented, he said, adding that Asia’s growth in 2020 will come to a standstill.