The International Monetary Fund (IMF) has revised India’s Gross Domestic Product (GDP) growth forecast for the financial year 2023-24, lowering it by 20 basis points to 5.9 percent. This latest forecast is slightly below the Reserve Bank of India’s projection of 6.4 percent. Despite the downward revision, India is still projected to be the fastest-growing major economy in the world.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The International Monetary Fund (IMF) has recently released its World Economic Outlook report, in which it has revised its forecast for India’s retail inflation and growth rate for the fiscal year 2024-25. The IMF now expects India’s retail inflation to be at 4.9% for the fiscal year 2023-24 and 4.4% for the fiscal year 2024-25.
The IMF has also revised its growth forecast for India for the fiscal year 2024-25, lowering it to 6.3% from the earlier projection of 6.8% that was made in January this year. The downward revision in the growth forecast is attributed to the recent surge in COVID-19 cases in India, which has led to localized lockdowns and restrictions, affecting economic activity.
The latest World Economic Outlook figures released by the International Monetary Fund (IMF) reveal that India remains the fastest-growing economy in the world, despite a significant drop in growth rate projections from 6.8% in 2022 to 5.9% in 2023. In contrast, China’s growth rate is projected to be 5.2% in 2023 and 4.5% in 2024, against a growth rate of 3% in 2022.
While India’s growth rate projection for the next fiscal year has been lowered, it is still higher than most other major economies in the world. The COVID-19 pandemic has impacted economic growth across the globe, and the IMF has lowered its growth projections for the global economy as well, predicting a growth rate of 2.8% this year and 3% in 2024, down 10 basis points each from its January forecasts.
Find More News on Economy Here
In an important development in the banking sector, the Government of India has extended the…
In a major endorsement of India’s digital payments ecosystem, Google has launched its first-ever credit…
The Global Investment Risk and Resilience Index 2025, released by Henley & Partners in collaboration…
Multinational corporations continue to dominate the global economy, and the 2025 Hurun Global 1000 Report…
Many countries around the world are known for their beautiful islands, which attract travellers, nature…
Every year, people around the world decorate Christmas trees with lights, ornaments, stars, and colorful…