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NEW DELHI: The International Monetary Fund (IMF) on Tuesday slashed India’s economic growth forecast to 6.8% for 2022.
This is a steep cut in comparison to its previous forecast of 7.4%, that it had given out in July.
In its latest annual World Economic Outlook report released on Tuesday, the IMF said outlook has been slashed reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand.
Meanwhile, the IMF report sounded a word of caution for major economies of the world and said that global growth is expected to slow further next year.
“The worst is yet to come and, for many people 2023 will feel like a recession,” said IMF economic counsellor Pierre-Olivier Gourinchas in a blog post.
Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023. This is the weakest growth profile since 2001, except for the global financial crisis and the acute phase of the Covid-19 pandemic.
This is a steep cut in comparison to its previous forecast of 7.4%, that it had given out in July.
In its latest annual World Economic Outlook report released on Tuesday, the IMF said outlook has been slashed reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand.
Meanwhile, the IMF report sounded a word of caution for major economies of the world and said that global growth is expected to slow further next year.
“The worst is yet to come and, for many people 2023 will feel like a recession,” said IMF economic counsellor Pierre-Olivier Gourinchas in a blog post.
Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023. This is the weakest growth profile since 2001, except for the global financial crisis and the acute phase of the Covid-19 pandemic.
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