UNEXPECTEDLY RESILIENT
Beyond Market|February 2023
Strong fundamentals will prop up the Indian economy, despite global headwinds
UNEXPECTEDLY RESILIENT

India’s financial health is robust as compared to several other countries and it will be the fastest-growing major economy in the next fiscal (FY24), the International c Fund (IMF) said in its latest World Economic Outlook, pegging India’s GDP growth rate at 6.1%.

This healthy performance will be on the back of its oft-stated strong economic fundamentals and against the backdrop of global growth that is likely to decline from an estimated 3.4% in 2022 to below the 3%-mark at 2.9% in 2023.

With respect to a few other countries, it should be highlighted that Saudi Arabia, which is projected as the fastest-growing economy in 2022 at 8.7%, is expected to witness a slowdown to 2.6% this year.

 The United Kingdom could come under the grip of recession. The IMF projects a 0.6% slide in its GDP in 2023 while for the United States, its growth is estimated to slow down to 1.4% this year from the 2% of 2022.

 Significantly, however, the economy of India’s neighbour China is expected to do well in 2023. Its growth is estimated to move northward to 5.2% this year from the moderate 3% number of last year - this should make China happy.

 While the rapid spread of Covid-19 in China dampened growth in 2022, the recent re-opening has paved the way for a “faster-than-expected recovery”, it said.

INDIA: ECO  SURVEY 2022-22 ESTIMATES

The IMF has estimated India’s economic growth in FY24 at just above 6% at 6.1%. But the Indian government feels otherwise - it expects India’s GDP growth to be higher, at a very healthy 6.5%.

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