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IMF Downgrades India’s Economic Growth

According to the International Monetary Fund (IMF), India’s GDP can be 6.8 percent in 2022, which is 0.6 percent less than the July estimate. The IMF believes that this is the effect of a slowdown in demand with a slowdown in growth between April and June in the second quarter of 2022.

IMF economic adviser Pierre-Olivier Gourinches said that the global economy is facing many challenges due to Russia’s attack on Ukraine, inflation is making people’s daily necessities expensive. He said that in 2024, the economic growth rate of a third of the countries could remain negative which could stop the pace of development in the US, the European Union and China.

Earlier in July, the IMF had reduced the GDP estimate by 80 basis points to 7.40 percent. Before the IMF, many rating agencies including the World Bank, RBI have reduced the estimates of India’s economic growth rate.

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