India shows highest growth projection whereas USA and China’s growth is to witness a plunge
Economies are on the brink of global recession as per the experts and the global economy is to experience a fall in the rate of growth. IMF has recently released the data of growth projection 2023 that tells the growth shown by various countries. You will be happy to know that India has shown 6.2% growth which is the highest in the list and data suggest that this will increase up to 6.8% in 2024. Even China lags behind India with just 5.2% and it makes China second rank performer in the list. And as per the data condition is going to be worse for China as its growth projection will fall to 4.5% next year.
India surpassing the growth projection of China was not as shocking as the USA just showing a 1.4% growth projection. This makes the USA stand behind nations like India, China, Nigeria, and Mexico. Similar to China, even the USA will show a fall in growth projection that will be 1.0 for next year. USA’s rival Russia has shown even less growth projection than the USA with just 0.3%. One of the possible reasons for this much less global projection shown by Russia is its direct involvement in the war with Ukraine.
IMF Growth Projections: 2023
USA🇺🇸: 1.4%
Germany🇩🇪: 0.1%
France🇫🇷: 0.7%
Italy🇮🇹: 0.6%
Japan🇯🇵: 1.8%
UK🇬🇧: -0.6%
China🇨🇳: 5.2%
India🇮🇳: 6.1%
Russia🇷🇺: 0.3%
Brazil🇧🇷: 1.2%
Mexico🇲🇽: 1.7%
KSA🇸🇦: 2.6%
Nigeria🇳🇬: 3.2%
RSA🇿🇦: 1.2% https://t.co/4ifKc9qi4j #WEO pic.twitter.com/qELAmtqXLP— IMF (@IMFNews) January 31, 2023
India’s massive growth in the midst of other countries’ falling economies is itself a big example for people all across the world. If we talk about the IMF International Monetary Fund, works to achieve sustainable growth and prosperity for all of its 190 member countries and makes sure to release data on countries’ economies and development regularly.
