The International Monetary Fund in its World Economic Outlook data expects global growth to slow from 3.5 percent in 2022 to 3.0 percent and 2.9 percent in 2024 which is below the historical average of 3.8 percent.
On one side where advanced economies are expected to face a slowdown from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 on the other side India’s 2023-24 growth is expected to be 6.3%. The report suggests that India’s growth will remain the same for 2024-25.
IMF Growth Forecast: 2024
USA🇺🇸: 1.5%
Germany🇩🇪: 0.9%
France🇫🇷: 1.3%
Italy🇮🇹: 0.7%
Spain🇪🇸: 1.7%
Japan🇯🇵: 1.0%
Canada🇨🇦: 1.6%
China🇨🇳: 4.2%
India🇮🇳: 6.3%
Russia🇷🇺: 1.1%
Brazil🇧🇷: 1.5%
Mexico🇲🇽: 2.1%
Morocco🇲🇦: 3.6%
KSA🇸🇦: 4.0%
Nigeria🇳🇬: 3.1%
RSA🇿🇦: 1.8%https://t.co/pzLIvHg5Ln pic.twitter.com/gCpVdsy8g5— IMF (@IMFNews) October 10, 2023
The IMF earlier mentioned India’s growth from 6.1% to 5.9% for 2023 and 6.8% to 6.3% for the 2024/25 fiscal. China’s GDP growth forecast has been reduced to 5.0%, down 20 basis points from its previous estimated GDP growth for 2023 and by 30 basis points to 4.2% for 2024.
As per the report India with 6.3% GDP is a developing country with the highest growth rate.
Emerging markets and developing economies are expected to witness a modest decline in growth with 4.1% in 2022 to 4.0 percent in 2023 and 2024.
