New Delhi: The Indian economy is doing well and remains one of the fastest growing economies in the world, a top official of the International Monetary Fund (IMF) said.
The IMF said that despite the reduction in economic growth forecast, India will remain the fastest growing economy in the world.
However, India’s economic growth forecast for the current financial year 2023-24 has been reduced from 6.1 percent to 5.9 percent.
The global body has lowered India’s growth forecast for 2024-25 to 6.3 per cent in its annual World Economic Outlook. Earlier in January, it was estimated that this figure would be 6.8 percent.
The growth rate in 2022-23 is estimated to be 6.8 percent compared to the growth rate of 5.9 percent in the current financial year. The IMF’s growth estimate is lower than the RBI’s estimate. According to the RBI, the growth rate can be 7 percent in 2022-23 and 6.4 percent in the current financial year.
The government is yet to release gdp growth figures for 2022-23.
The government is yet to release gdp growth figures for 2022-23. “The Indian economy is doing well and remains the fastest growing Asian economy, and one of the fastest growing economies in the world,” Anne-Marie Gulde-Wolf, deputy director of the IMF’s Asia and Pacific department, said in an interview.
She said that the growth estimates have been reduced slightly due to the expected slowdown in consumption growth. She further said that the IMF sees investment as the main driver of growth. This is evident from double-digit credit growth, strong PMI and an ambitious government expenditure programme.
According to the IMF, China’s growth rate can be 5.2 percent in 2023 and 4.5 percent in 2024. Its growth rate was three percent in 2022.
According to the IMF, China’s growth rate can be 5.2 percent in 2023 and 4.5 percent in 2024. Its growth rate was three percent in 2022.
IMF Chief Economist Pierre-Olivier Gourinchas said supply chain disruptions and barriers to energy and food markets caused by wars are also easing.