IMF projects Indian economy to grow at 6.1% in 2023
The Hindu
International Monetary Fund (IMF) forecasts India's growth at 6.1% in 2023, up 0.2% from April projection. Global growth projected to fall from 3.5% in 2022 to 3% in 2023 and 2024. High inflation and financial sector turbulence remain risks to global growth.
The IMF on July 25 projected a growth rate of 6.1% for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection.
This is reflective of the “momentum” from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said.
“Growth in India is projected at 6.1% in 2023, a 0.2 percentage point upward revision compared with the April projection,” it said in its latest update of the World Economic Outlook.
According to the report, global growth is projected to fall from an estimated 3.5% in 2022 to 3% in both 2023 and 2024.
While the forecast for 2023 is modestly higher than predicted in the April 2023 World Economic Outlook (WEO), it remains weak by historical standards.
The rise in central bank policy rates to fight inflation continues to weigh on economic activity. Global headline inflation is expected to fall from 8.7% in 2022 to 6.8 per cent in 2023 and 5.2% in 2024, it said.
Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward, it said.
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