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The IMF’s growth forecast is lower than that of the Reserve Bank of India (RBI). According to RBI, the growth rate could be seven percent in 2022-23 and 6.4% in the current fiscal. On April 6, the RBI raised its growth forecast for the current fiscal by 0.10 percent in its first monetary policy review for fiscal 2024. India’s economy will grow at 6.3 percent in 2023-24, according to World Bank estimates. At the same time, the Asian Development Bank has predicted a growth rate of 6.4 percent. This means that the IMF estimate is the lowest.
According to the Ministry of Statistics, the Indian economy is expected to grow at a rate of 7 percent in 2022-23 as per IMF estimates. In its World Economic Outlook report released on Tuesday, April 11, the IMF cut India’s growth forecast for fiscal 2025 by 0.50 percent to 6.3 percent.
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The IMF expects India’s retail inflation to be 4.9 percent in FY2023 and 4.4 percent in FY2025. The global economy will grow by 2.8% in FY2023 and 3% in FY2024. This estimate has also been reduced by 0.10 percent.
China’s growth forecast remained unchanged, with the world’s second-largest economy expected to grow by 5.2 percent in 2023 and 4.5 percent in 2024. China’s growth rate in 2022 was three percent. China is making a strong comeback after reopening its economy, IMP said in a report.
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