IMF Forecast: IMF cuts India’s economic growth forecast, GDP may remain 6.8% in 2022-23

IMF Growth Forecast 2022-23: After the World Bank, now the International Monetary Fund has also reduced India’s economic growth forecast. According to the IMF, India’s GDP is estimated to be 6.8 percent in the 2022-23 financial year, which is 0.6 percent less than the IMF’s earlier estimate. In July 2022, the IMF had projected GDP to be 7.4 percent.

According to the 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 reduction in demand with a decrease in growth between April and June in the second quarter of 2022. Earlier in July also, 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 India’s economic growth rate estimates. Although the RBI believes that in 2022-23, 7 percent GDP can be.

IMF Economic Counselor Pierre-Olivier Gourinchas said that the global economy is facing many challenges due to Russia’s attack on Ukraine, due to inflation, people’s daily necessities are becoming expensive. He said that in 2023, the economic growth rate of one third of the countries could remain in the negative. Which can stop the pace of development in America, European Union and China. He said that the bad is yet to be seen and in 2023 a recession-like situation may have to be faced.

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