Her comments came a day after IMF projected India’s GDP growth at 6. 8% for FY23, which is lower than its earlier forecast of 7. 4%. India will regain the tag of the fastest-growing major economy in FY24, with a 6. 1% growth estimated by the multilateral agency.
The IMF in its latest World Economic Outlook has cautioned about the dangers lurking for the global economy due to the war in Ukraine, aggressive interest rate hikes by central banks to tame inflation surge.
“The 2023 slowdown will be broad-based, with countries accounting for about one-third of the global economy poised to contract this year or next. The 3 largest economies, the US, China, and the euro area will continue to stall. This year’s shocks will re-open economic wounds that were only partially healed post-pandemic. The worst is yet to come and, for many people, 2023 will feel like a recession,” IMF chief economist PierreOlivier Gourinchas said.
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