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:
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.
The IMF has kept the GDP growth forecast for the fiscal year 2024-2025 unchanged at 6.3 per cent.
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.
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%.
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):
Established: July 1944
Headquarters: Washington DC, United States
Member countries: 190
India took its membership only on 27 December 1945.
Managing Director: Kristalina Georgieva (European Union)
First Managing Director: Camille Gut (Belgium)
Some important reports released by IMF:
Global Financial Stability Report
World Economic Outlook
Expected growth rate of Indian GDP forecasted by various institutions / agencies (as on 1 August 2023)