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.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Free Helpline
Legal Credit