: IMF lowers India’s growth forecast to 8.2% from 9% for financial year 2022-’23 #IndiaNEWS The International Monetary Fund on Tuesday slashed India’s economic growth forecast for the financial

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IMF lowers India’s growth forecast to 8.2% from 9% for financial year 2022-’23 #IndiaNEWS
The International Monetary Fund on Tuesday slashed India’s economic growth forecast for the financial year 2022-’23 to 8.2% from its January estimate of 9%. The economic body said that Russia’s invasion of Ukraine has resulted in uncertainty in the global economic outlook.“Notable downgrades to the 2022 forecast include Japan [0.9 percentage point] and India [0.8 percentage points], reflecting in part weaker domestic demand – as higher oil prices are expected to weigh on private consumption and investment – and a drag from lower net exports,â€? the International Monetary Fund said in its World Economic Report.In its October report, the global body had projected India’s growth at 8.5% for 2022-’23.The war in Ukraine has caused spikes in volatility across asset classes, reflecting greater uncertainty about the global economic outlook. Read the latest Global Financial Stability Report: t.co/asjC1NeNuO #GFSR pic.twitter.com/msO2Ll6wPj— IMF (@IMFNews) April 19, 2022 India’s growth forecast was, however, better than advanced economies such as the United States and China.The US economy is projected to grow at 3.7% in for 2022-’23 and 2.3% in 2023-’24. China, which had registered a growth rate of 8.1% in 2021, is projected to grow at 4.4% in 2022-’23 and at 5.1% in 2023-’24. The international body also revised the global economic growth for 2022-’23 to 3.6% from 4.4% projected...Read more

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