IMF retains India’s growth forecast at 7 per cent for 2024-25

The International Monetary Fund has retained its forecast for the Indian economic growth rate of 7 % for 2024-25 and 6.5 % for the 2025-26 financial year. The IMF made the latest projection on the Indian and world economies in its October 2024 edition of the World Economic Outlook report, titled  'Policy Pivot, Rising Threats.’

According to the IMF, the decline in the Indian economy's growth rate is due to the exhaustion of the pent-up demand caused by the COVID-19 pandemic. According to the IMF, the Indian economy is expected to grow according to its potential.

The IMF expects the Indian economy to grow by 6.5% from 2026-27 to 2030-31 fiscal years.

However, a senior IMF official said India is still the world’s largest growing economy.  

The IMF releases the World Economic Outlook twice a calendar year at a six-month interval. The report analyses the world economy and its direction in the near and medium term.

The last World Economic Report report was released in April 2024.

World Economy to Grow by 3.2%in  2024 and 2025

According to the IMF, the world economy is expected to grow 3.2 % in 2024 and 2025. 

The world's largest economy, the United States, is expected to grow by 2.8 % in 2024 and by 2.2 % in 2025.

The IMF expects the Chinese economy's growth rate to slow from an expected growth of 4.8 % in 2024 to 4.5% in 2025.

Growth Rate Forecast for the Indian Economy  

Following are the forecasts of various global and Indian financial agencies  regarding the growth of the Indian economy (as of 23 October 2024)

About International Monetary Fund (IMF)

The International Monetary Fund is a global multilateral development bank set up in 1944.

The IMF provides loans to the member countries facing economic crisis.

Members ;189 

Headquarters: Washington D.C, USA

Managing Director: Kristalina Georgieva

Reports issued by IMF

• World Economic Outlook 
• Global Financial Stability Report 
• Fiscal Monitor