‘Indian economy to grow at 7% in 2024’-IMF
New Delhi| India’s gross domestic product (GDP) growth rate is projected to decline from 8.2 percent in 2023 to seven percent in 2024. In 2025, it will decrease further to 6.5 percent. The International Monetary Fund (IMF) made this estimate.
The IMF said the pent-up demand created by the Covid pandemic has ended as the economy is reshaping to its potential. According to the IMF, the fight against inflation in the global economy has been largely won, although price pressure still persists in some countries.
Major inflation had reached a high of 9.4 percent year-on-year in the third quarter of 2022, after which it could fall to 3.5 percent by the end of 2025. If that happens, it will be even lower than the average level of 3.6 per cent between 2000 and 2019.
The IMF projected global economic growth to remain stable at 3.2 percent in 2024 and 2025 in the annual world economic outlook released in Washington. According to IMF Chief Economist Pierre-Olivier Gourinchas, the global economy remained unusually belligerent while controlling inflation.
He said that the growth rate of the global economy will remain more or less stable at 3.2 percent in 2024 and 2025. ‘‘However, the growth rates of some low-income countries and developing economies may decrease significantly.’’
