September 23, 2023
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IMF cuts India’s economic growth forecast to 6.8% in 2022

The International Monetary Fund (IMF) joined other international organisations in lowering its forecast for India’s economic growth in 2022 from 6.8% to 6.8% on Tuesday.

In its July forecast, the IMF predicted that India’s GDP will rise by 7.4% during the fiscal year that began in April 2022. Even that prediction was less than the 8.2% predicted in January of this year.

India’s growth rate in the fiscal year 2021–2022 was 8.7%. (April 2021 to March 2022). According to the IMF’s annual World Economic Projection report, which was published on Tuesday, the outlook for India’s growth in 2022 is 6.8%, which is a 0.6 percentage point drop from the July forecast due to a weaker-than-expected second-quarter result and more muted external demand.

Global growth is anticipated to decline from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023. Except for the global financial crisis and the severe phase of the COVID-19 epidemic, this is the worst growth profile since 2001.

The economic growth projections reflect significant slowdowns for the largest economies: a US GDP contraction in the first half of 2022, a euro area contraction in the second half of 2022, and prolonged COVID-19 outbreaks and lockdowns in China with a growing property sector crisis, the IMF said.

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