India a bright spot amid tepid global scenario: IMF

The International Monetary Fund (IMF) has upgraded its economic outlook this year India.

It has modestly lowered expectations for the United States and Japan. The IMF in its latest outlook, has raised India’s growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies.

The IMF had earlier projected growth rate of 6.5 per cent for 2024, revising it to 6.8 per cent and now 7 per cent. India continues to be the fastest growing major economy.

The IMF said it expects the world economy to grow a lacklustre 3.2 per cent this year, unchanged from its previous forecast in April. It is a tad lower than 3.3 per cent growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8 per cent a year.