Observing improved private consumption, IMF ups India's growth forecast to 7%
India’s economy is now forecast to expand 7%, up from the 6.8% the IMF had projected in April, in part because of stronger consumer spending in rural areas.
Overall, the IMF said Tuesday that it still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.
The IMF, a 190-nation lending organization, works to promote economic growth and financial stability and reduce global poverty. In a blog post that accompanied the latest update to its World Economic Outlook, the IMF's chief economist, Pierre-Olivier Gourinchas, wrote that China and India would account for nearly half of global growth this year.
(more to come)
(You can now subscribe to our Economic Times WhatsApp channel)
Read more on economictimes.indiatimes.com
