IMF raised India's growth forecast for the current financial year to 6.1%
Report
3 min read
The International Monetary Fund (IMF) in its recently released ‘ World Economic Outlook’ report has raised India's growth forecast, projecting a 6.1 per cent growth in gross domestic product (GDP) in 2023-24.
Earlier in the World Economic Outlook released in April, the IMF had projected India's GDP to grow at 5.9 per cent in 2023-24.
Key points of the report:
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The 0.2 percentage points increase reflects a stronger-than-expected growth momentum in the fourth quarter of 2022 as a result of stronger domestic investment, according to the IMF's World Economic Outlook report.
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The IMF has kept the GDP growth forecast for the fiscal year 2024-2025 unchanged at 6.3 per cent.
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According to the World Economic Outlook report, India will continue to be the fastest growing economy, while neighboring China is projected to grow at 5.2% in 2023 and 4.5% in 2024.
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In the World Economic Outlook report, the IMF raised its forecast for global growth output in 2023 to 3% from its previous forecast of 2.8%.
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Advanced economies will continue to decelerate in growth from 2022 to 2023, due to weaker manufacturing as well as specific factors, offset by stronger services activity.
International Monetary Fund (IMF):
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Established: July 1944
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Headquarters: Washington DC, United States
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Member countries: 190
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India took its membership only on 27 December 1945.
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Managing Director: Kristalina Georgieva (European Union)
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First Managing Director: Camille Gut (Belgium)
Some important reports released by IMF:
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Global Financial Stability Report
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World Economic Outlook
Expected growth rate of Indian GDP forecasted by various agencies (as on 1 August 2023)
|
Agency / Institute |
GDP forecast for 2023-24 |
|
Reserve Bank of India |
6.3% |
|
World Bank |
6.8% |
|
International Monetary Fund |
6.1% |
|
Asian Development Bank |
8% |
|
Moody's |
6.1% |
|
Morgan Stanley |
6.7% |
|
Standard & Poor's GDP forecast |
6.5% |
|
United Nations (GDP forecast) |
6% |
|
OECD |
5.5% |
|
Fitch Rating |
7% |
