The International Monetary Fund (IMF) has predicted a slight dip in India’s economic growth this year; however, it will remain the fastest-growing economy in the world, reports The Economic Times. In the January update to its World Economic Outlook, the IMF projects a decline in growth from 6.8% in 2022 to 6.1% in 2023. However, given the strong domestic demand, growth is expected to pick up again and reach 6.8% by 2024. India remains a bright spot, and together with China, will account for half of all global growth in 2023, says Pierre-Olivier Gourinchas, Economic Counsellor and the Director of Research of the IMF. Additionally, inflation in India is expected to fall to 5% in the next fiscal year from 6.8% in the current fiscal year ending March 31, reports the Press Trust of India. Lastly, global inflation is anticipated to come down mainly due to lower commodity prices – for both fuel and non-fuel items – as well as the effects of tight monetary policies, according to the IMF.
Source: shorturl.at/nORS8
