New Delhi: The International Monetary Fund (IMF) on Tuesday slashed its growth forecast for India to 6.8 per cent in 2022.
The IMF had in July projected GDP growth of 7.4 percent in the year starting April 2022. In January, it had predicted 8.2 per cent.
IMF Growth Forecast: 2023
USA🇺🇸: 1%
Germany🇩🇪: -0.3%
France: 0.7%
Italy🇮🇹: -0.2%
Spain: 1.2%
Japan: 1.6%
UK🇬🇧: 0.3%
Canada: 1.5%
China🇨🇳: 4.4%
India: 6.1%
Russia🇷🇺: -2.3%
Brazil: 1%
Mexico: 1.2%
KSA🇸🇦: 3.7%
Nigeria: 3%
RSA: 1.1%https://t.co/VBrRHOfbIE #WEO pic.twitter.com/0TDJbgSuka— IMF (@IMFNews) 11 October 2022
India grew at the rate of 8.7 per cent in the financial year 2021-22.
In its annual World Economic Outlook (WEO) report good The IMF’s 0.6 percent cut, issued on Tuesday, reflects a “weaker than expected second quarter and greater reduction in external demand”.
The IMF has also cut economic growth forecasts for Asia, and now expects emerging Asian economies to expand to 4.4 percent this year and 4.9 percent in 2023, down 0.2 percentage points and 0.1 points, respectively, from their projections in July of 7.2 percent. Will increase later. in 2021.
The report said: “A widespread debt crisis in (emerging) economies will weigh heavily on global growth and could lead to a global recession. Besides, a strengthening of the US dollar can only increase the likelihood of a debt crisis.”
asian cut roughly reflects The IMF said growth in China, from an expansion of 8.1 per cent in 2021 to 3.2 per cent this year, “is a result of the country’s strict COVID-19 lockdown and its worsening asset market crisis”.
Global growth is projected to accelerate from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 – the weakest growth profile since 2001.
“The global economy continues to face challenges, shaped by the lingering effects of three powerful forces: the Russian invasion of Ukraine, persistent and widespread inflationary pressures, and the cost crisis caused by the recession in China,” Told Pierre-Olivier Gourinchas, economic advisor to the WEO and director of research for the IMF, issued during the annual meeting of the IMF and the World Bank.
More than a third of the global economy will contract in 2023, while the three largest economies – the United States, the European Union and China – will continue to stall. “In short, the worst is yet to come, and for many people 2023 will feel like a recession,” he wrote.
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