IMF raises India’s FY24 forecast to 6.1%, FY25 forecast unchanged at 6.3%
International Monetary Fund (IMF) has raised India’s FY24 forecast to 6.1 per cent, whereas FY25 forecast remains unchanged at 6.3 per cent. Earlier in April, in its flagship World Economic Outlook report, IMF had brought down India's growth forecast to 5.9 per cent from 6.2 per cent.
Although, it projected that India would be the fastest-growing economy in the world, despite confronting considerable challenges such as financial sector turmoil, inflationary pressures, effects of the Russia-Ukraine war, and the persistent impact of the Covid-19 pandemic over the past three years. IMF Managing Director Kristalina Georgieva had praised India's efforts in leveraging digitalization to overcome the challenges posed by the Covid-19 pandemic, which has not only helped the country weather the storm but also created new opportunities for growth and employment.
IMF on Tuesday also raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The IMF in its latest World Economic Outlook released on Tuesday said inflation was coming down and acute stress in the banking sector had receded, but the balance of risks facing the global economy remained tilted to the downside and credit was tight.
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