- The latest edition of the 'World Economic Outlook' released by the International Monetary Fund has lowered its forecast related to India's Gross Domestic Product (GDP) growth in the fiscal year 2022-23 to 8.2%.
- India remains the fastest growing major economy in the world, with a growth rate almost twice that of China's 4.4%.
- It has lowered India's growth forecast for the year 2022-23 by 0.8% points from its previous forecast (9%) during the same period of 2021.
- India registered a growth rate of 8.9% in the year 2021.
- India's economy is projected to grow at the rate of 6.9% in the year 2023-24.
- The International Monetary Fund estimates that India's current account deficit will widen to 3.1% in FY2022-23 from 1.6% in FY21-22, with import bills rising due to higher commodity and fuel prices.
Tags:
Economics
