New Delhi: According to the latest estimates released by the International Monetary Fund (IMF) on Tuesday, India’s economy is expected to grow by 9.5 percent in 2021. For the financial year 2022-23 also, the growth rate has been estimated at 8.5 percent. The economic growth rate of the country had decreased by 7.3 percent due to Coronavirus in India.
According to the latest report of WEO (World Economic Outlook), the global economic growth rate will be 5.9 percent and 4.9 percent in this financial year 2022-23. Earlier in July, it had projected the global growth rate at 6 per cent.
IMF Chief Economist, Gita Gopinath told news agency PTI that the global growth forecast for 2021 has been revised upwards to 5.9 per cent compared to the July forecast and will remain unchanged at 4.9 per cent for 2022.
According to the report, the global economy has suffered a lot due to the Kovid-19 epidemic. Its long-term impact will reduce the size of the global economy by $5.3 trillion over the next five years.
“The outlook for the low-income developing country group has deepened significantly due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, partly due to supply disruptions,” he said. said.
“Partly offsetting these changes, projections for some commodity exporters have been upgraded on the back of rising commodity prices. Pandemic-related disruptions in contact-intensive sectors have significantly delayed the labor market recovery in most countries. left behind, the Indian-American economist added.
Commenting on the variation in economic prospects across nations, Gopinath said aggregate output for the advanced economy group is expected to regain its pre-pandemic trend path in 2022.
In contrast, overall output for the Emerging Market and Developing Economy Group (excluding China) is expected to be 5.5 per cent lower than the pre-pandemic forecast in 2024, resulting in a major setback to the improvement in their standard of living. “
(with PTI inputs)
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