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IMF lowers India's GDP forecast to 9 pc from 9.5 pc IMF GDP forecast

IMF lowers India's GDP forecast to 9 pc from 9.5 pc

India Blooms News Service | @indiablooms | 26 Jan 2022, 02:08 am

Washington: The International Monetary Fund (IMF) has lowered India's economic growth forecast to 9 percent for the financial year ending March 31.

With this cut down IMF joins several other international agencies which have slashed their projections on concerns over restricted economic activities and mobility owing to the spread of Omicron, the new variant of coronavirus.

In October last year, the GDP growth for India was projected at 9.5 per cent.

On Tuesday, the Washington-based international financial institution in its latest update of World Economic Outlook projected India's GDP for the next fiscal FY23 (April 2022 to March 2023) at 7.1 per cent.

The IMF's GDP outlook for FY22 is less than 9.2 percent estimated by the government's Central Statistics Office and 9.5 percent that the Reserve Bank of India has predicted.

The World Bank has projected GDP at 8.3 percent and Fitch has predicted the vital economic parameter to grow at 8.4 percent.

India's economic prospects for FY23 will depend on improvement in credit growth and the following investment and consumption, building on better-than-anticipated performance of the financial sector.

The IMF said that global growth is expected to moderate from 5.9 in 2021 to 4.4 per cent in 2022.

The global growth is expected to slow to 3.8 per cent in 2023.

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