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Business News/ Economy / India to remain fastest growing economy in the world despite global slowdown: IMF
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India to remain fastest growing economy in the world despite global slowdown: IMF

‘Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023,’ said the IMF’s World Economic Outlook update

The IMF on Tuesday released the January update of its World Economic Outlook. (Mint)Premium
The IMF on Tuesday released the January update of its World Economic Outlook. (Mint)

The International Monetary Fund (IMF) has said that it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 percent from 6.8 percent during the current fiscal ending March 31.

“Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds," said the IMF’s World Economic Outlook update.

“Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we're expecting some slowdown to 6.1 percent in fiscal year 2023. And that is largely driven by external factors," Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters in Washington.

The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.

According to the World Economic Outlook update released by the IMF on Tuesday, about 84 percent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.

Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (2017–19) levels of about 3.5 percent, it said.

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Published: 31 Jan 2023, 08:37 AM IST
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