https://sputniknews.in/20230131/bright-spot-imf-predicts-indias-growth-at-61-for-fiscal-year-2024-699605.html
'Bright Spot': IMF Predicts India's Growth at 6.1% for Fiscal Year 2024
'Bright Spot': IMF Predicts India's Growth at 6.1% for Fiscal Year 2024
Sputnik India
International Monetary Fund (IMF) predicted that India project promising growth of 6.1 percent for the Fiscal Year (FY) 2023-24, which will further grow to 6.8 percent in FY 2024-25.
2023-01-31T13:37+0530
2023-01-31T13:37+0530
2023-01-31T15:18+0530
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The International Monetary Fund (IMF) on Tuesday predicted that India's growth will be 6.1 percent for the Fiscal Year (FY) 2023-24, and that its growth would continue the next year (FY 2024-25) to 6.8 percent. "Growth in India is set to decline from 6.8 percent in FY 2022 to 6.1 percent in FY 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds," Pierre-Olivier Gourinchas, Chief Economist and Director of Research Department of the IMF told reporters.Global Economy OutlookMeanwhile, the IMF raised its 2023 global growth, citing "surprisingly resilient" demand in the United States and Europe and easing energy costs. It also sounded positive on China's economy, as Beijing has abandoned strict COVID-19 restrictions. The conflict in Ukraine would continue to weigh on economic activity, affecting energy and food prices globally, the IMF says.Overall, global growth would fall to 2.9 percent in 2023 from 3.4 percent in 2022 - an improvement on its October prediction of 2.7 percent with a warning that the world could easily tip into recession. For advanced economies, the IMF predicted a decline from 2.7 percent last year to 1.2 percent and 1.4 percent this year and next. Nine out of 10 advanced economies will probably decelerate, Gourinchas added.
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'Bright Spot': IMF Predicts India's Growth at 6.1% for Fiscal Year 2024
13:37 31.01.2023 (Updated: 15:18 31.01.2023) Deexa Khanduri
Sputnik correspondent
In its latest World Economic Outlook, the organization predicts that global growth would fall from the 3.4 percent witnessed in 2022 to 2.9 percent this year.
The International Monetary Fund (IMF) on Tuesday predicted that India's growth will be 6.1 percent for the Fiscal Year (FY) 2023-24, and that its growth would continue the next year (FY 2024-25) to 6.8 percent.
"Growth in India is set to decline from 6.8 percent in FY 2022 to 6.1 percent in FY 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds," Pierre-Olivier Gourinchas, Chief Economist and Director of Research Department of the IMF told reporters.
In a blog post, Gourinchas said that India remains a 'bright spot'.
Meanwhile, the IMF raised its 2023 global growth, citing "surprisingly resilient" demand in the United States and Europe and easing energy costs. It also sounded positive on China's economy, as Beijing has abandoned strict COVID-19 restrictions.
The conflict in Ukraine would continue to
weigh on economic activity, affecting energy and food prices globally, the IMF says.
Overall, global growth would fall to 2.9 percent in 2023 from 3.4 percent in 2022 - an improvement on its October prediction of 2.7 percent with a warning that the world could easily tip into recession.
Gourinchas also forecasts that together with China, India will account for half of the global growth this year, whereas the US and euro area combined will account for just 10 percent,
For advanced economies, the IMF predicted a decline from 2.7 percent last year to 1.2 percent and 1.4 percent this year and next.
Nine out of 10 advanced economies will probably decelerate, Gourinchas added.
