Washington: In a recent report on the world’s growth and predictions, the International Monetary Fund (IMF) projected India’s growth to be 6.1% in 2023 from 6.8% in 2022, though the country will remain the fastest-growing large economy in 2023 and 2024.
According to the IMF, global growth is projected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, followed up with a rise to 3.1% in 2024.
Talking about India’s growth trajectory, IMF stated that “Growth in India is set to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds.”
Highlighting the growth figures in developing countries of Asia, IMF predicted a rise in 2023 and 2024 to 5.3% and 5.2% respectively, after the deeper-than-expected slowdown in 2022 to 4.3% attributable to China’s economy.
The report also said growth in the ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, Thailand) is similarly projected to slow to 4.3% in 2023 and then pick up to 4.7% in 2024.
Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department, said that “Another relevant point here is that if we look at both China and India together, they account for about 50% of world growth in 2023. So a very significant contribution,”.
On inflation, the IMF in its report said, “About 84% 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 per cent in 2022 (annual average) to 6.6 per cent in 2023 and 4.3 per cent in 2024 –above pre-pandemic (2017-19) levels of about 3.5 per cent.”
(With Agency Inputs)
Click here for Latest News updates and viral videos on our AI-powered smart news
For viral videos and Latest trends subscribe to NewsMobile YouTube Channel and Follow us on Instagram