imf: IMF lowers GDP forecast for FY22 to 9% from 9.5% – Times of India

NEW DELHI: India’s economy is estimated to grow by 9% in the current fiscal year, a tad slower than the International Monetary Fund’s (IMF) earlier forecast of 9.5% due to the impact of the third Covid wave.
The IMF, which released its World Economic Outlook, raised India’s GDP growth estimate to 9% for 2022-23 from its earlier estimate of 8.5% in October and for 2023-24 it forecast the economy to grow by 7.1%. On a calendar year basis, the IMF said India’s growth is projected at 8.7% in 2022 and 6.6% in 2023. China is estimated to grow by 8.1% in 2021 and 4.8% in 2022.

YY

India will retain its tag as the fastest growing major global economy. IMF’s forecast for 2021-22 is slightly lower than the 9.2% growth projected by the National Statistical Office (NSO). The Reserve Bank of India (RBI) has estimated the economy to grow by 9.5% in 2021-22.
The economy has been on a recovery path after the impact of the world’s strictest lockdown, which led to a 7.3% contraction. The spread of the Omicron variant has prompted states to impose curbs, which has hurt several sectors of the economy, particularly the contact-intensive services sectors. But most experts acknowledge that the impact of the third wave on the economy would be muted.

For all the latest business News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.