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India will once again become the fastest growing economy, the International Monetary Fund (IMF) predicted in its growth forecast for 2024. The Indian economy will record robust growth of 6.5 percent, the agency predicted.
The IMF is a major United Nations financial agency and an international financial institution based in Washington DC, USA, which publishes international economic research reports.
Meanwhile, the finance ministry also said in its monthly review report that the Indian economy is expected to grow by nearly 7 percent in the financial year 2024-25 starting in April this year.
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ANI reported that India's economy grew by 7.2 percent in 2022-23 and 8.7 percent in 2021-22. The Indian economy is expected to grow by 7.3 percent in the current fiscal year 2023-24, continuing to be the fastest-growing major economy.
The robustness of domestic demand – private consumption and investment – is due to the reforms and measures that the government has implemented over the last decade, said the Ministry of Economic Affairs report.
The IMF predicted modest growth for other major economies. According to the report, the US will grow by 2.1 percent, Germany by 0.5 percent, France by 1 percent, Japan by 0.9 percent and China by 4.6 percent.
The IMF said that with disinflation and steady growth, risks to global growth were largely balanced and there was a possibility of a “soft landing.”
ANI reported, “Global growth is forecast at 3.1 percent in 2024 and 3.2 percent in 2025, with the 2024 forecast 0.2 percentage points higher than the October 2023 World Economic Outlook (WEO). , as it exceeds expectations. “Resilience in the United States and several major emerging and developing economies, as well as fiscal support in China,” the IMF statement said.
It also highlighted that a rise in new commodity prices due to geopolitical shocks – including ongoing attacks in the Red Sea – and worsening problems in the real estate sector in China could also lead to growth disappointments, the ANI report said.
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