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IMF claims- India and China will run the world in 2023, and the responsibility for global growth will be on the shoulders of both the countries 

IMF Biannual World Economic Outlook- IMF says that the global financial situation has improved due to a slight reduction in inflationary pressure. Emerging and developing countries have also got some relief after the US dollar softened from its November high. 

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India's growth rate has been estimated to be 6.1 percent in the financial year 2023-24.

Highlights
  • India will continue to be a fast-growing economy.
  • India's growth rate can reach 6.8 percent in the financial year 2025.
  • The global growth forecast has been raised by 20 basis points to 2.9 percent. 
New Delhi. India and China will contribute about half of the global growth in 2023. This is to say of the International Monetary Fund (IMF). The global agency has retained its forecast for Asia's third-largest economy India's growth rate to be 6.1 percent in the financial year 2023-24. In its latest World Economic Outlook update (IMF Biannual World Economic Outlook), the IMF has predicted that India will continue to be the fastest-growing economy.

This year, half of the global economic growth will be contributed by India and China while the Americas and Europe region will have only 10 percent participation in it. However, India's growth rate will come down to 6.1 percent in 2023 (FY 2024), which is estimated to be 6.8 percent in 2022 (FY 2023). Despite external challenges, India's growth rate can reach 6.8 percent in FY25 due to strong domestic demand. 


 


The global growth rate will be 2.9 percent

IMF has increased the global growth forecast by 20 basis points to 2.9 percent. But, it has also been said that there is a possibility of a decline due to the risk, but since the report of October 2022, there has been a slight decrease in the risk. IMF Chief Economist Pierre Olivier Gaurinchas wrote in a blog, 'The third quarter of last year saw a strengthening of economic growth on a strong labor market, increased household consumption and business investment, and the energy crisis in Europe was less than expected. The sudden opening of its markets by China has paved the way for rapid recovery in economic activities.

Growth got a boost due to low inflation

Gorinchas said that in many economies growth has also been boosted by deferred demand or rapid reduction in inflation. But the danger of the spread of Covid in China and the escalation of the war in Russia and Ukraine still remains. These can deepen the debt crisis. Rising inflation can lead to volatility in the financial markets and rising geopolitical tensions can stifle economic growth. The IMF has predicted that only Britain will be stuck in recession in 2023 among the major economies. An increase of 0.1 percent in Germany and 0.3 percent in Russia has been estimated. 



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