11 October,2023 08:08 AM IST | New Delhi | Agencies
IMF revised China’s growth forecast downward by 0.2 percentage points
International Monetary Fund (IMF) on Tuesday raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to 3 per cent. IMF in July had estimated India's GDP forecast at 6.1 per cent for 2023-24. However, this is lower than the RBI's latest estimate of 6.5 per cent for the current financial year.
However, India's growth is projected to be higher than China's, the third-largest economy in the world. IMF's 'World Economic Outlook' revised China's growth forecast downward by 0.2 percentage points for 2023 and by 0.3 percentage points for 2024 to 5 per cent and 4.2 per cent, respectively.
With the property market crisis in that country, lower investment is the main contributor to the revision, it said. "Growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, with an upward revision of 0.2 percentage point for 2023, reflecting stronger-than-expected consumption during April-June," the 'World Economic Outlook' said.
Last week, the World Bank retained India's growth forecast at 6.3 per cent for the current financial year on the back of robust service activities despite global headwinds.
ALSO READ
2 construction workers from Assam killed in earth collapse in Arunachal
CM Atishi approves transfer of 23 DANICS officers, file sent to LG
Himachal: Newly-formed Hamirpur Municipal Corporation to cover 114 villages
Mizoram Village Council association terms govt order curtailing tenure of VCs as 'undemocratic'
Vaishno Devi ropeway row: Two detained in fresh protest, FIR against eight
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever