IMF Lowers India’s Growth Projection For FY24 to 5.9%

The IMF decreased its prediction for India’s GDP growth to 5.9% for the fiscal year 2023–2024 on Tuesday, April 11.

India’s Growth

On Tuesday, the International Monetary Fund reduced its prediction for India’s growth for the current fiscal year from 6.1% to 5.9%, which is 20 basis points lower.

As per India Today, this recent growth prediction made by the global organization is much lower than the Reserve Bank of India’s expectation of 6.5 per cent and primarily in line with what experts in the private sector anticipate.

In its first monetary policy review of FY24 on April 6, the RBI increased its growth projection for the current year by ten basis points.

India’s GDP prediction for the upcoming year was also decreased by 50 basis points to 6.3 per cent by the IMF in its World Economic Outlook report, which was published on April 11.

The IMF made a number of alterations, including this one, and now expects the global economy to grow by 2.8 per cent in 2023 and 3 per cent in 2024, down ten basis points from January’s projections.

Other Nations

The IMF increased its prediction for the US economy by 20 basis points to 2.8 per cent in 2023 and by ten basis points to 3 per cent in 2024, even though global growth is now expected to be ten basis points lower in both 2023 and 2024.

The Euro area is expected to grow somewhat faster than the other major countries in 2023, but its prediction for 2024 has been lowered by 20 basis points to 1.4 per cent.

China’s growth estimates remained unchanged, with the world’s second-largest economy anticipated to rise by 5.2 per cent in 2023 and 4.5 per cent in 2024.

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