The IMF said it expects global economic growth to slow to 2.9 per cent in 2024 from an expected 3 per cent this year. The forecast for next year is down a notch from the 3 per cent it predicted back in July.
The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday.
The IMF s Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself and India will account for a sixth of world output growth in 2023 and 2024, he said. In terms of market exchange rates, he said India is the fifth-largest economy in the world and the third-largest economy on the basis of purchasing power parity.
India's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, data is expected to show on Thursday, though economists warn of a slowdown ahead.