Saturday, October 16, 2021

India will continue to be world’s fastest growing major economy, projects IMF

International Monetary Fund (IMF) has projected that India will continue to be the world’s fastest-growing major economy, clocking a growth rate of 9.5 per cent in 2021. As per the latest projections by the International Monetary Fund (IMF) released today, Global recovery continues, but the momentum has weakened and uncertainty has increased. IMF in its latest report also estimated that India will be the fastest-growing economy in 2022 with a GDP growth rate of 8.5 percent. The IMF’s World Economic Outlook (WEO) kept the gross domestic product (GDP) growth forecasts it had made in July for India, whose Covid-battered economy had shrunk by 7.3 per cent in the last fiscal year.

In July, while India was in the grip of Covid-19’s second wave, the IMF had cut its forecast of 12.5 per cent made in April before the pandemic’s resurgence by 3 per cent. The WEO’s long-term forecast for India’s GDP growth is 6.1 per cent in 2026.In the WEO tables, China followed India with 8 per cent this year and 5.6 per cent the next – a reduction of 0.1 per cent for both years from the forecast made in July.

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