Due to Omicron, IMF reduced India’s growth forecast, growth rate may remain at 9%
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IMF Cuts Growth Rate: The IMF (International Monetary Fund) has reduced India’s growth rate estimate for the current financial year. For 2021-22, the IMF (International Monetary Fund) has projected the country’s growth rate to be 9 percent. Earlier in October last year, the IMF had projected India’s growth rate to be 9.5 percent in 2021-22.
The IMF has said in its latest estimate released to the world economic scenario that in the next financial year 2022-23, the Indian economy will grow at the rate of 7.1 percent. In the last financial year 2020-21, the Indian economy had declined by 7.3 percent.
The IMF’s latest estimate is lower than the Central Statistical Office’s (CSO) estimate of 9.2 percent and the Reserve Bank of India’s estimate of 9.5 percent for the current financial year. The IMF’s estimate is lower than the S&P’s estimate of 9.5 percent and Moody’s at 9.3 percent. However, this is higher than the World Bank’s estimate of 8.3 percent and Fitch’s 8.4 percent growth rate.
The IMF said that the Indian prospects for 2023 depend on credit growth, along with the growth of investment and consumption. The Monetary Fund said that the growth rate of the global economy will decline from 5.9 percent in 2021 to 4.4 percent in 2022.
IMF Chief Economist Gita Gopinath wrote in a blogpost that with the pandemic entering its third year, the global revival is facing many challenges. He said that due to the rapid spread of Omicron form, movement restrictions have been imposed in many countries, which has created a manpower crisis.
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