IMF spokesperson Gerry Rice said that India’s economy is on the path of gradual recovery. First time since the pandemic’s onset the GDP has returned to positive growth in the fourth quarter of 2020, Rice said.
He cited the gross and fixed capital formation as supporting factors bringing India back on track. Gerry Rice made these comments at a press conference ahead of the spring meeting with the World Bank due next month.
Rice also said that PMIs trade, mobility and other high frequency indicators suggests a steady recovery in the ongoing first quarter of 2021 as well. As IMF’s World Economic Outlook is scheduled for release on April 6, Rice cautioned that the rise of new variants of COVID-19 and lockdowns imposed by local authorities could become potential risks to recovery.