IMF slashes India’s GDP growth forecast to 9.5% for FY22 – Times of India
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NEW DELHI: The International Monetary Fund (IMF) slashed India’s growth forecast to 9.5 per cent for the fiscal year 2021-22, a report released on Tuesday showed.
Previously in April, IMF had projected India’s gross domestic product (GDP) to grow at 12.5 per cent.
However, the onset of the second Covid wave during March-May, economic recovery has suffered a major setback, the IMF said.
In the latest edition of its World Economic Outlook (WEO) report, IMF said: “Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback.”
For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April.
Previously in April, IMF had projected India’s gross domestic product (GDP) to grow at 12.5 per cent.
However, the onset of the second Covid wave during March-May, economic recovery has suffered a major setback, the IMF said.
In the latest edition of its World Economic Outlook (WEO) report, IMF said: “Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback.”
For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April.
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