New Delhi: Congress leader P Chidambaram on Tuesday remarked that an attack on International Monetary Fund (IMF) Chief Economist Gita Gopinath was now imminent, a day after the IMF downgraded India’s growth forecast from 6.1% to 4.8% for 2019.
In a tweet, the former Union Minister said that the IMF’s projection was a ‘reality check’ as the growth forecast, at 4.8%, was less than even 5%. He added that even 4.8% was after some ‘window dressing’ and that he would not be surprised if it goes down further.
“IMF Chief Economist Gita Gopinath was one of the first to denounce demonetisation. I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath,” the former Union Finance and Home Minister added in another tweet.
Citing the sharp economic slowdown in India as well as other emerging economies, the IMF had on Monday, lowered growth estimate for the world economy to 2.9% for 2019. For the current calendar year 2020, India saw a sharp 1.2% decline in its growth forecast to 5.8%, which is the biggest downward revision for a growing market, which, IMF said, which pulled down global growth forecast.
“The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years. In a few cases, this reassessment also reflects the impact of increased social unrest,” the IMF had said in a statement.
Notably, India-born Gopinath is the first female Chief Economist of the IMF. She was appointed to the office in October 2018 and took charge on January 1, 2019.