Thread by @gchikermane

#IMF cuts India's 2020 GDP growth rate to 1.9%.
This is a very low number.
And yet it is the world's highest.
[China follows, with a growth of 1.2%.]

All other large economies will see a contraction, says #IMF
Italy -9.1%
Spain -8.0%
France -7.2%
Germany -7.0%
Thailand -6.7%
Mexico -6.6%
UK -6.5%
Canada -6.2%
US -5.9%
Argentina -5.7%
Brazil -5.3%

[Venezuela -15%]

India has announced new in-kind (food and cooking gas) and cash transfers to poorer households: #IMF.

IMF also identifies India as a country using digital technologies to deliver direct transfers to identified individuals -- so, the JAM trinity is helping India.

The lifting of containment measures is likely to be gradual, and even after containment measures are unwound, economic activity might take a while to normalise: #IMF

So, don't expect an early recovery.
That said, in 2021, India will grow by 7.4%, second to China's 9.2%.

The recovery will also require strong multilateral cooperation to complement national policy efforts. This means reducing tariff and nontariff barriers that impede cross-border trade and global supply chains: #IMF

Multilateral efforts should also be directed to "early and automatic exchange of information on unusual infections": #IMF's message to China and @WHO