IMF global outlook report pins hopes on India growth story
International Monetary Fund (IMF) pinned its hopes on India for global economic revival as it continues to remain a relative "bright spot" in the world economy.
A few days back, IMF released its much-awaited World Economic Outlook report 'A Rocky Recovery' which had predicted that India would grow 5.9 per cent this year. "We realised that 2020-2021 has been actually a lot better than we thought," IMF economist Daniel Leigh said at a press briefing, responding to a question from the media query.
Global output growth is projected by the IMF to slow to 2.8 per cent in 2023 (calendar year), picking up to 3 per cent in 2024.
India continues to remain a relative "bright spot" in the world economy, and will alone contribute 15 per cent of the global growth in 2023, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said a couple of months back.
"India's performance has been quite impressive. For this year, we expect India to retain a high growth rate, 6.8 per cent for the year that ends in March. For FY 2023/24 (April 2023 to March 2024) we project 6.1 per cent, a bit of slow down like the rest of the world economy, but way above the global average. And in that way, India is providing about 15 per cent of global growth in 2023," Georgieva said recently.