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International Monetary Fund revises India's economic growth forecast

Category : Business and economics
Published on: July 29 2022 Share on facebook

  • The global financial institution International Monetary Fund (IMF) has cut India's economic outlook by 80 basis points to 7.4% for the financial year 2022-23.
  • In its previous estimate in April 2022, the IMF had projected the Indian economy to grow at 8.2% in FY23.
  • The IMF's current observations on India's GDP growth are still higher than the apex bank RBI's (Reserve Bank of India) estimates of a 7.2% growth rate in FY23.
  • The IMF has cut the economic forecast for China by 1.1 percentage point to 3.3% in 2022–23, which will be the lowest growth in more than four decades, excluding the initial COVID-19 crisis in 2020, primarily due to COVID-19 outbreaks and lockdowns.
  • As per the IMF, Saudi Arabia will be the fastest growing economy in FY23 at 7.6%, followed by India at 7.4% and Spain at 4.0%.
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