The International Monetary Fund (IMF) has lowered India's GDP growth forecast for the current year by 60 basis points to 6.8 per cent. However, despite the slowdown, India would maintain its position as the fastest-growing major economy in the world.
In its latest World Economic Outlook report, the IMF noted, "The outlook for India is for growth of 6.8 per cent in 2022, a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter (April-June) and more subdued external demand."
In its July 2022 report, the IMF had pegged India's GDP growth for 2022 at 7.4 per cent. The IMF latest projection on India's GDP growth is lower than the 7 per cent growth pegged by the Reserve Bank of India (RBI) for the financial year 2022-23.
However, despite the slowdown, India would remain the fastest-growing major economy. As per the latest IMF data, India's GDP growth will slow to 6.8 per cent in 2022 from 8.7 per cent in 2021. The growth is projected to further slow to 6.1 per cent in 2023.
Compare it with China. China's GDP growth is projected to slump to 3.2 per cent in 2022 from 8.1 per cent in 2021. In 2023, China's growth is projected to accelerate to 4.4 per cent in 2023 but remain sharply down when compared with India's 6.1 per cent projected growth.
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