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IMF estimates, India’s GDP will be 9.5% in the current financial year, slight reduction in global growth rate

IMF cuts its forecast for this year’s global growth to 5.9%

The International Monetary Fund (IMF) has lowered its forecast for this year for global growth. The IMF says that due to supply constraints, the pace of growth in developed countries and the worsening of the epidemic will affect the pace of growth in the low-income economy. However, the IMF has not made any decline in the estimate of India’s economic growth rate ie GDP.

The IMF in its recent World Economic Outlook report has projected the global economic growth rate to be at 5.9 percent. This is slightly lower than its July estimate of 6 percent. However, the IMF has retained its forecast of 4.9 percent for global economic growth in 2022.

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IMF Chief Economist Gita Gopinath said in a blog, “The worsening pandemic situation has posed challenges for a group of low-income developing countries. In addition, the recent downgrades indicate a difficult situation in the short-term for the group of developing countries.” it shows.”

However, the good news is that the IMF has retained India’s growth forecast for both the current and next fiscal years. According to the IMF, India’s real GDP can be 9.5% in the current financial year. In the financial year 2023, it is expected to grow at the rate of 8.5%.

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On the other hand, the IMF has projected a slight decline in the Chinese economy in the current financial year. The IMF said that China’s GDP could be 8 percent in the current financial year. This is less than India’s 9.5 percent GDP estimate.

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