IMF decreases FY23 India’s GDP growth forecast to 6.8%

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In light of lower-than-anticipated output in the second quarter and more sluggish external demand, the International Monetary Fund (IMF) reduced India’s growth prediction for FY23 from 7.4% forecasted in July to 6.8%. India’s growth projection for FY23 has undergone three decreases, starting from 9% in January of this year.
According to the IMF’s premier World Economic Outlook (WEO), which was published in Washington, DC, India’s growth is predicted to further decelerate in FY24, reaching 6.1%.
Only Saudi Arabia is projected by IMF to develop at a greater rate than India in 2022, at a rate of 7.6%.
The forecast for China’s growth by IMF in 2022 has been lowered by 0.1 percentage point to 3.2%.
The multilateral lender, IMF warned policymakers that “storm clouds” were forming and declared that the worst was still to come for the struggling global economy.
The dollar may gain further, inflation may continue to rise, and widespread developing market debt trouble is conceivable, according to the IMF.
According to the IMF, the three largest economies—the US, the EU, and China—will continue to stagnate in 2023, which will seem like a recession to many people.

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