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22-Jan2019

India's economy to grow at 7.5% in 2019, 7.7% in 2020: IMF

The International Monetary Fund (IMF) in its January World Economy Outlook update has said that India's economy is expected to grow at 7.5% in the 2019, keeping an upward trajectory as the rest of the world slumps and added that the growth will accelerate further to 7.7% in 2020. It said India's economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease.

The IMF said India's growth rate in 2018 was 7.3%. It has been projected to grow at 7.5% in 2019, which is a marginal 0.1% above its previous projection. In 2020, India is projected to grow at 7.7%. Besides, China's growth is estimated at 6.2% for 2019 and 2020. Despite fiscal stimulus that offsets some of the impact of higher US tariffs, China's economy will slow down due to the combined influence of needed financial regulatory tightening and trade tensions with the US.

As per the report, growth in emerging and developing Asia will dip from 6.5% in 2018 to 6.3% in 2019 and 6.4% in 2020. Meanwhile, the IMF cut the global growth forecast from last October's estimate. The global economy is projected to grow 3.5% in 2019 and 3.6% in 2020, 0.2 and 0.1 percentage points below last October's projections. It said the downward revisions are modest. However, it believes that the risks to more significant downward corrections are rising. It also cautioned that escalation of trade tensions and a worsening of financial conditions are key sources of risk and called for policymakers to act.


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