IMF Cuts India's GDP Projection to 6.8% in 2022-23
IANS 12 October 2022
The International Monetary Fund (IMF) on Tuesday slashed India's economic growth projection in 2022-23 to 6.8%.
 
Earlier, in July, it had projected a growth of 7.4% for India in the current financial year.
 
Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued Coronavirus outbreaks, have been listed by IMF for trimming India's growth projection.
 
In 2021-22, India's economic growth was 8.7%.
 
"The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces—the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China," said Pierre-Olivier Gourinchas, economic counsellor and IMF director of research.
 
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