IMF trims India’s growth forecast to 5.9% for current fiscal year

IMF trims India's growth forecast to 5.9% for current fiscal year

NEW DELHI – The Worldwide Financial Fund (IMF) mentioned on Tuesday that it expects India’s economic system to develop 5.9% within the current fiscal year although it warned that turmoil within the monetary system will harm international growth.

In its World Financial Outlook, the IMF forecast international actual GDP growth at 2.8% for 2023 and three% for 2024, marking a pointy slowdown from 3.4% growth in 2022 due to tighter financial insurance policies.

“With the recent increase in financial market volatility, the fog around the world economic outlook has thickened,” the IMF mentioned because it and the World Financial institution launched spring conferences this week in Washington.

The IMF predicted that the Indian economic system would develop 5.9% within the 2023-24 monetary year, down 0.2% from its January estimate, and far decrease than the Indian central financial institution’s prediction for 6.5% growth throughout this era.

(Reporting by Sakshi Dayal and Tanvi Mehta; Enhancing by Emelia Sithole-Matarise)