India’s economy rank still high despite global slowdown: IMF
Washington – India’s economy rank still remains high as the world’s fastest growing economy despite global slowdown, according to International Monetary Funds (IMF) Growth Projections 2023.
The January update of IMF’s World Economic Outlook was announced on Tuesday. According to this forecast, global growth is expected to decline from an estimated 3.4% in 2022 to 2.9% in 2023 before increasing to 3.1% in 2024.
Chief Economist and Director, Research Department of the IMF, Pierre-Olivier Gourinchas told reporters in Washington, “Our growth projections actually for India are unchanged from our October Outlook”.
“We have 6.8% growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1% in fiscal year 2023. And that is largely driven by external factors”, Gourinchas added.
According to this forecast, global growth is expected to decline from an estimated 3.4% in 2022 to 2.9% in 2023 before increasing to 3.1% in 2024.
It is anticipated that 84% of nations would have lower headline (consumer price index) inflation in 2023 than they did in 2022.
According to the report, global inflation would decline from 8.8% in 2022 (annual average) to 6.6% in 2023 and 4.3% in 2024, which is still higher than pre-pandemic levels of roughly 3.5%.