IMF cuts India's GDP growth projection to 6.8% in 2022-23
New Delhi, October 11, 2022
The International Monetary Fund (IMF) on Tuesday slashed India's economic growth projection in 2022-23 to 6.8 per cent.
Earlier, in July, it had projected a growth of 7.4 per cent for India in the current financial year.
Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued coronavirus outbreaks, have been listed by IMF as the reasons for trimming India's growth projection.
In 2021-22, India's economic growth was 8.7 per cent.
"The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces - the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China," said Pierre-Olivier Gourinchas, Economic Counsellor and IMF Director of Research.