Growth in India is set to decline from 6.8% in 2022-23 to 6.1% in 2023-24, before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds, according to the IMF World Economic Outlook update. The forecast is in line with the RBI’s projection of 6.8% GDP growth for 2022-23
The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
The International Monetary Fund slashed its global growth forecast for this year to 3.2 per cent, from 3.6 per cent, citing a ‘worse-than-anticipated slowdown in China, reflecting Covid-19 outbreaks and lockdowns” as a major cause.