IMF projects slowdown in Indian economy in fiscal year 2023 | Check World Economic Outlook report

IMF has forecast a 6.1% slowdown in the Indian economy
Image source: India TV IMF forecasts Indian economy to slow down from 6.8% in 2022 to 6.1% in 2023

IMF on Indian Economy: The International Monetary Fund (IMF) on Tuesday predicted some slowdown in the Indian economy in the next fiscal year, projecting a growth of 6.1% from the current 6.8%. On Tuesday, the IMF released its World Economic Outlook report for the month of January.

According to this projection, global growth is expected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, before rising to 3.1% in 2024.

“In fact our growth projections for India are unchanged from our October outlook. We have a growth of 6.8% for this current fiscal, which runs till March, and then we are expecting some deceleration to 6.1% in FY2023. And the director of the IMF’s research department told the media.

What is the claim of IMF’s World Economic Outlook update?

“Growth in India will slow down from 6.8% in 2022 to 6.1% in 2023, before recovering to 6.8% in 2024,” said the IMF’s World Economic Outlook update.

According to the report, growth in emerging and developing Asia is expected to pick up to 5.3% and 5.2% in 2023 and 2024, respectively, following an expected 4.3% slowdown in 2022 due to China’s economy.

“Another relevant point here is that if we look at both China and India together, they account for almost 50% of world growth in 2023. So a very significant contribution,” he said, adding that the IMF’s There was a positive outlook on India. Its October forecast and that positive outlook remain largely unchanged.

Global recession to intensify: IMF

The report further said that for advanced economies, the slowdown will be more pronounced, falling from 2.7% last year to 1.2% and 1.4% this year and next.

Read also: IMF projects 6.8% growth for India in current fiscal, 6.2% in next fiscal

Meanwhile, Gourinchas estimated that 9 out of 10 advanced economies are likely to decline. He added that despite signs of resilience thanks to the energy crisis, a mild winter, and generous fiscal support, euro conditions remain more challenging.

(With PTI inputs)

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