The International Monetary Fund (IMF) has estimated the Indian economy to grow by 9.5% in the current fiscal year, i.e 2021-22 (FY22) and 8.5% in FY23 (2022-23), in its latest World Economic Outlook report, released on October 12, 2021. Meanwhile, IMF expects the global gross domestic product (GDP) to grow by 5.9 per cent in 2021 and 4.9% in 2022.
In its World Economic Outlook (WEO), the IMF has maintained India’s gross domestic product (GDP) estimates for next financial year at 8.5 per cent, unchanged from its July projections. The WEO, titled ‘Recovery During a Pandemic Health Concerns, Supply Disruptions, and Price Pressures’, has forecast world economic growth at 4.9 per cent for 2022, the same as earlier.
Important takeaways for all competitive exams:
- IMF Headquarters: Washington, D.C. U.S;
- IMF Managing Director and Chairman: Kristalina Georgieva;
- IMF Chief Economist: Gita Gopinath.