The World Bank-International Monetary Fund (IMF) annual meetings kicked off on a somber note, with the IMF downgrading global growth in 2019 to 3%, the slowest since the global financial crisis.
India’s growth projections have also been downgraded to 6.1% and 7.0% in 2019 and 2020 respectively, down by 1.2 percentage points and 0.5 percentage points relative to April projections, owing to weaker than expected domestic demand. India’s growth rate in the April-June quarter had hit 5%, the lowest in six years, as per government data. Consumption, investment and exports were down.
The IMF projected the U.S. would grow at 2.4% and 2.1% in 2019 and 2020 respectively. For China, growth was projected to grow at 6.1% and 5.8% in 2019 and 2020.
Static/Current Takeaways Important For RRB NTPC/IBPS RRB Mains:
- MD of IMF: Kristalina Georgieva, Headquarters: Washington DC, USA.
Source: The Hindu