India set to grow by 5.9% this fiscal: IMF
1 year, 8 months ago

India set to grow by 5.9% this fiscal: IMF

The Hindu  

The International Monetary Fund has projected that India’s economy will grow by 5.9% for the current fiscal year April 2023 - March 2024, a downward revision of 0.2 percentage points since the January forecast. Gradual recovery “The global economy’s gradual recovery from both the pandemic and Russia’s invasion of Ukraine remains on track,” IMF Chief Economist Pierre-Olivier Gourinchas said, adding that China’s reopened economy was strongly rebounding and supply chain disruptions were unwinding, and negative impacts of the war on food and energy prices were receding. “Stubbornly high inflation” and recent financial sector turmoil have dimmed prospects of a “soft landing” for the global economy after a period of high inflation and unsteady growth, the IMF report said. “The anemic outlook reflects the tight policy stances needed to bring down inflation, the fallout from the recent deterioration in financial conditions, the ongoing war in Ukraine, and growing geo-economic fragmentation,” the WEO said.

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