International Monetary Fund (IMF) has stated it is expecting a much sharper contraction in India. India's economy shrank by an unprecedented 24% year-on-year in the second quarter, and IMF now projects a contraction of 10.3% this fiscal year. The pandemic is at various stages in the Asia and Pacific region. Many countries have successfully contained the first wave of the virus, although there have been second waves in some countries (Australia, Japan, Myanmar), as well as periodic, localized outbreaks in others (China, Korea, New Zealand, Vietnam). A small group is still striving to flatten the pandemic curve (India, Indonesia, Philippines), and yet others remain largely free of COVID-19 (most Pacific island countries).
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