IMF slashes India's growth forecast for FY23 to 8.2%
Zee News
The fund had earlier projected 9.5 per cent growth for the Indian economy in 2022. It slashed it by 0.5 percentage points in its January report and it has further reduced it now by 0.8 point.
New Delhi: The International Monetary Fund has further slashed India`s economic growth prospects for 2022 to 8.2 per cent from its earlier projection of 9 per cent, which in itself was lowered from 9.5 per cent. The global economy will suffer significantly from the war in Ukraine, the fund further projected in its World Economic Outlook released on Tuesday.
"Notable downgrades to the 2022 forecast include Japan (0.9 percentage point) and India (0.8 percentage point)," the IMF said in the World Economic Outlook released on Tuesday. The revision reflects, it added, "in part weaker domestic demand -- as higher oil prices are expected to weigh on private consumption and investment -- and a drag from lower net exports."
The fund had earlier projected 9.5 per cent growth for the Indian economy in 2022. It slashed it by 0.5 percentage points in its January report and it has further reduced it now by 0.8 point.
The fund has also cut its projection for 2023 by 0.2 point to 6.9 per cent.
The World Bank projected 8 per cent growth for the Indian economy in 2022 in a report released last week, which also warned that the war in Ukraine will slow down South Asian countries` recovery from economic devastation caused by the Covid-19. The impact on India, it added, would be "moderate".
