IMF Revises India’s GDP Forecast for FY22 to 9%, Exceeds World Bank’s Estimate

  • Investing.com
  • Economy News
IMF Revises India’s GDP Forecast for FY22 to 9%, Exceeds World Bank’s Estimate

By Malvika Gurung

Investing.com -- The International Monetary Fund has published its latest World Economic Outlook report on Tuesday, as per which India’s economic growth forecast for the ongoing financial year, FY22 is revised to 9%.

The US-based financial institution had forecasted India’s real GDP growth at 9.5% in October 2021 and has downgraded it by 0.5 percentage points on the possible impact of the Omicron variant of Covid-19 on mobility restrictions and business activities.

Besides, IMF has upgraded India’s growth figures for FY23 and FY24 by 0.5 percentage points each, to 9% and 7.1%, respectively, compared to its October forecast.

This upgrade comes on the back of expected improvements to credit growth and, subsequently, investment and consumption, building on the better-than-anticipated performance of the financial sector, states the report.

The Washington-based institution’s growth forecast for India is less than the Govt agency Central Statistics Office’s forecast at 9.2%, or RBI’s estimate of 9.5%. It is also lower than Moody’s prediction at 9.3% and S&P’s at 9.5%. However, it is more than the World Bank’s estimate at 8.3% and Fitch Ratings’ at 8.4%, for FY22.

While the IMF has pegged India’s economic growth at 9%, it has forecasted global growth at 4.4% for 2022, lower than the prediction made in October 2021.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • Babu Bagh @Babu Bagh
    IMF stands for Indian M.d. Fe.u
    Like 1
    • Rajesh Krishnan @Rajesh Krishnan
      you need serious lessons on english language
      Like 1
    • Babu Bagh @Babu Bagh
      @Rajesh Krishnan Atleast not from you.
      Like 0
    • Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100

Related Articles