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International Monetary Fund (IMF) has cut down India's GDP growth forecast to what percent in FY2022-2023?

Correct Answer : Option (C) - 6.8%

The International Monetary Fund (IMF) on Tuesday(11th Oct 2022) trimmed its FY23 growth forecast for India by 60 basis points from its July projection of "7.4 per cent" to "6.8 per cent", its steepest cut for any major economy barring the US.

IMF’s move follows the World Bank slashing its FY23 growth projection for India to 6.5 per cent last week, from 7.5 per cent predicted earlier.
Most other agencies, too, have been lowering their India forecast in recent weeks. The Reserve Bank of India also recently cut its projection modestly from 7.2 per cent to 7 per cent.
The IMF stated that the move reflects “a weaker-than-expected outturn” in the June quarter and “more subdued external demand”, indicating that exports will be hit. However, it retained its FY24 growth forecast at 6.1 per cent.
The IMF has kept unchanged its 2022 growth projection for the global economy at 3.2 per cent but scaled down the 2023 projection by 20 basis points from the July forecast to 2.7 per cent..

Source : Indian Express

Published On : October 12, 2022
Category : Indian Economy