Express News Service
NEW DELHI: The International Monetary Fund (IMF) has cut India’s economic growth forecast by three percentage points to 9.5% for the current fiscal from its earlier projection of 12.5%, citing “lack of access to vaccines” and chances of a third Covid wave.
“Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback,” IMF said in the latest edition of its World Economic Outlook report, released on Tuesday.
For the next fiscal, however, the IMF has forecast an 8.5% growth for India, 160 basis points higher than its April forecast. The upward revision is mainly due to the low base of the previous year’s growth forecast.
IMF revises up Pakistan s real GDP growth rate to 3 9%
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ISLAMABAD: The International Monetary Fund (IMF) has acknowledged Pakistan’s stronger economic activity and kept the global growth forecast largely unchanged at six per cent for the current year and 4.9pc for the next year.
In its World Economic Outlook (WEO) update released on Tuesday, the IMF revised downward India’s current year growth forecast by three percentage points because of widespread Delta variant and resultant subdued economic activities.
“Projections are revised up for the Middle East and Central Asia due to robust activity in some countries (such as Morocco and Pakistan), partially offset by downgrades of some others,” the IMF noted but did not specifically mention Pakistan’s expected growth rate that it had forecast in April this year at 4pc for 2022 and 5pc by 2026.
IMF sees 6pc world growth, warns developing nations falling behind
July 28, 2021
Washington: The global economy will expand by six percent this year, but disparities between nations are widening as advanced economies accelerate while developing countries fall behind, the IMF said Tuesday.
While the forecast for global growth is unchanged from the previous estimate in April, the United States is projected to see faster seven percent growth thanks to massive government spending and widespread Covid-19 vaccinations, while the IMF slashed the forecast for India, which is facing a resurgence of infections. Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs, the International Monetary Fund said in its updated World Economic Outlook, warning of the danger to the economy if new virus variants are allowed to take hold. The recovery is not assured even in countries where infections are currently very low so long as the virus ci
2. Wide shot, IMF logo on building
26 JULY 2021, WASHINGTON DC
3. SOUNDBITE (English) Gita Gopinath, IMF Chief Economist:
“Global growth is projected to be 6 percent this year, which is unchanged from our April forecast. However, the composition has changed. We are upgrading growth for advanced economies, and that s almost entirely offset by a downgrade for emerging markets and developing economies. Next year, we have upgraded growth to 4.9 percent, and that s mainly driven by anticipated further fiscal support in the US,”
4. Wide shot, Gita Gopinath speaking
5. SOUNDBITE (English) Gita Gopinath, IMF Chief Economist:
“One of the major fault lines remains the pandemic, if we see newer virus variants, which are far more transmissible, like the Delta variant that we re seeing right now. In a world where vaccine access remains highly inequitous, that will have a big hit to the economic recovery. Another major risk and fault line is with respect to financial conditions. If inf
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