IMF forecasted India’s GDP growth rate at 6.8% for 2024-25

IMF forecasted India’s GDP growth rate at 6.8% for 2024-25

The International Monetary Fund has recently released its “World Economic Outlook April 2024” report in which it revised the estimated projection in January 2024 about India’s GDP growth rate to 6.8% for 2024-25.

As per the report, the IMF has projected a 6.5% expansion in the GDP growth rate for next fiscal year.

Global scenario:

According to the report, the global economy has maintained its pace of a speedy recovery and showcased resilient steady growth. The global economy had also defied the expectations of stagflation and recession despite the post pandemic supply disruptions, Russia Ukraine war and global energy and food crisis.

The IMF projected global GDP growth rate for 2024-25 at 3.2%.

Inflation:

As per the World Economic Outlook April 2024 report, the global inflation had made closer to its target. India’s tightened monetary policy helped a lot to bring inflation down. It estimated the inflation rate for the current year at 4.6% and for the next year it is 4.2%.

If we talk about the global economy, the median headline inflation is expected to ease from 2.8% at the end of this current year  to 2.4% at the end of next fiscal year.

Optimism:

The strengthening private demand could increase the growth rate higher than what is projected. Reforms to boost labor force, exportsl,  jobs and liberalize foreign investment would have potential to higher growth of the economy.

The IMF projected the economy to be less scarring, which is good news.

Conclusion:

The World Economic Outlook (WEO) report is significant because it provides a comprehensive analysis of global economic developments and forecasts. It’s published by the International Monetary Fund (IMF) and serves as a valuable resource for policymakers, economists, businesses, and the general public to understand current trends, risks, and prospects for the world economy.

Important Questions:

• Which Organization does release the World Economic Outlook report?
• What is the GDP growth rate for 2024-25 projected by IMF ?

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