IMF to revisit growth forecast for India due to surge in Covid-19 cases

Developments in India would have spillover effects for the region and the global economy. Credit: Reuters file photo

The International Monetary Fund on Thursday said the recent upsurge in Covid-19 cases in India posed downside risks to the Fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022.

The IMF will revisit that forecast when it issues a fresh World Economic Outlook in July, IMF spokesman Gerry Rice told reporters at a regular briefing, but gave no further details.

He said the developments in India would have spillover effects for the region and the global economy, depending on how long the crisis lasted.