India a bright spot amid tepid global scenario: IMF

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

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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.