The International Monetary Fund (IMF) in its flagship World Economic Outlook projected that India will be the fastest growing economy in the world amid financial sector turmoil, high inflation, ongoing effects of the Russia-Ukraine war and three years of the Covid-19 pandemic.
The IMF on Tuesday lowered its growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier but despite a significant drop, India continues to be the fastest-growing major economy in the world, the World Economic Outlook figures revealed.
The IMF projects India’s inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year.
IMF growth forecast is lower than the Reserve Bank of India’s (RBI) projection. The Indian central bank predicted seven per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1.
