IMF cut India growth forecast for 2019-20 to 7.3 per cent
According to the latest edition of World Economic Outlook (WEO), released by the International Monetary Fund (IMF) during 2019 Spring Meeting, India is expected to grow at 7.3 per cent in fiscal year 2019-20, as against China’s 6.6 per cent.
This is 20 basis points lower than January outlook and 10 basis points lower than October’s forecast.
Though the growth is estimated to go up at 7.5% during 2020-21.
India’s Current account deficit is seen at around 2.5% of GDP.
Global growth fell to 3.6% in 2018 and is projected to decline further to 3.3% in 2019.
China is forecast to grow 6.3% in 2019 and 6.1% in 2020.
♦ International Monetary Fund is an international organization consisting of 189 countries working to foster global monetary cooperation, promote high employment and sustainable economic growth, and reduce poverty around the world.
♦ Formation: 27 December 1945; 73 years ago
♦ Headquarters: Washington, D.C., United States
♦ CEO: Christine Lagarde
♦ Parent organization: United Nations