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  • DAILY CURRENT AFFAIRS:IMF cuts India's GDP growth forecast by 0.8% to 8.2% for FY23

IMF cuts India's GDP growth forecast by 0.8% to 8.2% for FY23

Tags: Economics/Business

The International Monetary Fund (IMF) has cut its growth forecast for India for Financial Year 2022-23 by 0.8% to 8.2 percent. In January 2022 it had forecasted a growth rate of 9% for the Indian economy .

  • The IMF's World Economic Report, released on  19 April 2022 warns that Russian invasion of Ukraine will hurt consumption as the prices of raw material like oil, food etc is increasing leading to a fall in consumption and growth.

  • The IMF expects the Indian economy to grow by 6.9% in 2023-24.

  •  The IMF has also revised downward the growth rate of the World economy in 2022 to 3.6 from earlier 4.4 % forecasted in January 2022.

  • It expects the World economy  to grow by 3.6 % in 2023.

  • It has forecasted the U.S economy to grow by 3.7 % in 2022 and 2.3 % in 2023.

  •  China is expected to grow by 4.4 % in 2022 and 5.1% in 2023.

  • Due to war and devastation it expects the Ukrainian economy to contract by  45.1% in 2022 and Russian economy to contract by 11.2 % in 2022.

Other Important forecast for Indian Economy  growth rate for   2022-23

RBI :7.2%

World Bank : 8%

Asian Development Bank : 7.55%

IMF : 8.2%

 Important for Exam 

IMF  Managing Director :  Kristalina Georgieva

IMF chief Economist : Pierre-Olivier Gourinchas

Headquarters : Washington D.C, United States 

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