IMF Slashes India's Growth Forecast To 8.2% In 2022-23 Over Russia-Ukraine War Concerns
NDTV
The International Monetary Fund (IMF) has slashed the growth forecast for India for the current financial year by 80 basis points to 8.2 per cent
The International Monetary Fund (IMF) has slashed the growth forecast for India for the current financial year by 80 basis points to 8.2 per cent, cautioning that the ongoing Russia-Ukraine war will in the long run hurt consumption and also growth as inflation will rise. Russia's invasion of Ukraine has significantly hit recoveries in many countries. We have downgraded global growth for 2022 from 4.4% to 3.6%, and for 2023 from 3.8% to 3.6%. Read more in our latest WEO report https://t.co/WMdekgs2Ykpic.twitter.com/ZG9Fusjzg2
The funding body has made the growth forecast in its "World Economic Report", which was released today.
Commenting on India's growth forecast in the report, the IMF said that higher oil prices are expected to weigh on private consumption and investment.
It also expected India's 2022-23 current account deficit to be at 3.1 per cent, compared with 1.5 per cent expected for 2021-22. There was also a cut in India's 2023-24 GDP growth forecast, to 6.9 per cent from 7.1 per cent estimated in global body's January report.
