The International Monetary Fund (IMF) cut its economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3% for FY20 and 7.5% for the next fiscal.
Citing persistent risks from the trade war, it lowered 2019 global growth forecast by 20 basis points to 3.3%, the weakest since 2009 when the subprime crisis had flared up.
Source: Economic Times
Static/Current Takeaways Important for LIC AAO Exam:
- The IMF’s FY20 growth forecast for India is lower than the World Bank’s (7.5%) and the Asian Development Bank’s (7.2%).
- MD of IMF- Christine Lagarde, Headquarters in- Washington DC, USA.