In its Regional Economic Outlook report for the Asia and Pacific region, the International Monetary Fund said that its upgrade of growth projection for the region was due to its higher growth expectations in India and China. The Fund raised its regional growth forecast for calendar year 2024 by 0.3 percentage points to 4.5 per cent, after a 5 per cent expansion in 2023.
"The revision upgrades for China, where we expect policy stimulus to provide support, and India, where public investment remains an important driver, making it the world's fastest-growing major economy," said Krishna Srinivasan, Director of the Asia and Pacific Department, International Monetary Fund, in a blog post.
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