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IMF has identified India a “bright spot” in the global economy

IMF has identified India a “bright spot” in the global economy

The International Monetary Fund (IMF) has identified India as a “bright spot” in the global economy and a major driver of global economic growth in the coming years.

The IMF recently released a global economic outlook report, ‘A Rocky Recovery’, in which India is expected to grow her 5.9% in 2023. The report cites India’s impressive performance, with digitalization helping the country emerge from the pandemic doldrums, prudent budget strategy and heavy spending on capex expected to maintain growth momentum. is funding.

The IMF forecasts that global GDP growth will slow to 2.8% in her 2023 (calendar year) and increase to 3% in 2024.

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IMF Managing Director Kristalina Georgieva said a few months ago that India remained a relative “bright spot” in the global economy, contributing 15% to global economic growth in 2023 alone.

“India’s performance has been very impressive. This year, India is expected to maintain its high growth rate of 6.8% in the year to March. (March 2020) is forecast to grow at 6.1%, decelerating in line with the rest of the world economy but well above the global average.

Thus, India will become one of the world’s fastest growing economies in 2023. It will provide about 15%,” Georgieva said in a recent analysis, which influences domestic interest rates through net international capital flows, including foreign developments.

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This model represents eight major global economies, including the United States, Japan, Germany, United Kingdom, France, China, India, and Brazil, and is scaled to reflect demographics, productivity trends, retirement ages, and other factors. is adjusted to These are the 5 largest developed and 3 largest emerging and developing economies, which account for about 70% of the world’s GDP.

The WEF paper “A Rocky Recovery” clarified that the projections were based on available information on the budget plans of each agency, adjusted for his IMF staff assumptions. Local data is incorporated with a maximum delay of one year. Therefore, general government data will be completed much later than central government data.

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(with agency contributions)

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