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The International Monetary Fund (IMF) predicts the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its January forecasts.
International Monetary Fund division chief Daniel Leigh on Tuesday reposed faith in the Indian economy and said that it is a "very strong economy."
The International Monetary Fund on Tuesday hailed India as "one of the bright spots" in the global economy even as it trimmed its projected growth for 2023 by 0.2 percentage points, but only because, it acknowledged, it had previously underestimated the country's performance during the Covid-19 pandemic years of 2020-2021.
"We realize that 2020-2021 has been actually a lot better than we thought and so actually there's less room for catching up. And that pent-up demand from consumers that were informing our previous forecast is therefore going to be less because they've already had more catching up before. So that's why there's a downward revision this year. Then we go up to 6.3 next year again, a very strong economy which is necessary to allow India to continue to converge towards higher living standards and create those jobs that are necessary," added Leigh.
The International Monetary Fund (IMF) slightly lowered its outlook for the global economy on Tuesday, while predicting that most countries will avoid a recession this year despite economic worries and geopolitical strains.