Indian economy to grow at 7.4% in 2018: IMF

In its latest World Economic Outlook (January 2018 update) released by International Monetary Fund (IMF), India is projected to grow at 7.4% of its gross domestic product (GDP) in 2018 as against China’s 6.8%.

The projection makes India fastest growing major economy following slowdown in 2017 due to demonetisation and implementation of goods and services tax (GST).

Key Facts

IMF has projected that global economy is expected to grow 3.9% this year, faster than 3.7% forecast earlier in October 2017. Some 120 economies, accounting for three quarters of world GDP, have seen pickup in growth in year-on-year terms in 2017. It is the broadest synchronised global growth upsurge since 2010.

IMF projected India’s GDP growth rate at 7.4% in 2018 and 7.8% in 2019. China, during the same period, is expected to grow at 6.8% and 6.4% respectively. The aggregate growth forecast for emerging markets and developing economies for 2018 and 2019 remain unchanged, with marked differences in outlook across regions.

Emerging and developing Asia will grow at around 6.5% over 2018-19, broadly the same pace as in 2017. The US will grow 2.7% and 2.5% in 2018 and 2019, respectively, higher by 0.4 and 0.6% point than earlier estimate.

World Economic Outlook (WEO)

The report contains analysis and projections of integral elements of IMF’s surveillance of economic developments and policies in its member countries and of developments in global financial markets and economic system. It is usually prepared twice a year and is used in meetings of the International Monetary and Financial Committee.

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