IMF cuts India’s growth rate, forecasts 4.8% growth

Newsmantra — Tue, 21 Jan 2020 10:14:29 +0000

The International Monetary Fund (IMF) cut India’s growth rate by 1.2% in the current financial year. The IMF has forecast growth of 4.8% in India from 6.1% in FY20. However, it projected 5.8% growth in FY-21. IMF reduced India’s growth forecast by 0.9% in FY-22. Expected 6.5% growth in FY-22.

According to the IMF, demand in India was lower than anticipated. With this, the global outlook was expected to remain sluggish.

The International Monetary Fund (IMF) on Monday lowered the current financial year growth rate estimate for India to 4.8 per cent. This was 7.5 percent at the same time last year. The recent growth rate forecast has been under declining trend, which reduced the country’s growth to 6.1 percent in October.

The IMF’s World Economic Outlook (WEO) cut global economic growth projections by 0.1 per cent due to the economic slowdown in India. In this, the global economic projections of 2021 have been cut by 0.2 percent to 3.4 percent.

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IMF cuts India’s growth rate, forecasts 4.8% growth