- India’s GDP growth forecast for 2022 was also unchanged at 8.5 percent.
Key Points:
i.The IMF has reduced the global economy growth in 2021 by 0.1 percent to 5.9 percent (from 6 percent of July 2021 projection) and the growth was projected at 4.9 percent in 2022.
- Beyond 2022 global growth is projected to moderate to about 3.3 percent
ii.Global Trade volumes are expected to grow by around 10 percent in 2021 and moderating to about 7 percent in 2022.
iii.India’s consumer price index-based inflation is expected to be at 5.6 percent in 2021(reduced from 6.2 percent in 2020) and expected inflation to be at 4.9 percent in 2022.
iv.Other growth projections:
- Global rating agency S&P expects India to grow by 9.5 percent in FY22, while Moody’s has projected a GDP growth of 9.3 percent.
- The World Bank retained its India growth projection for FY22 at 8.3 percent (same as its June 2021 forecast).
Recent Related News:
The IMF allocated a Special Drawing Rights (SDRs) 12.57 billion (equivalent to around USD 17.86 billion at the latest exchange rate) to India in August 2021.
About International Monetary Fund (IMF):
Establishment – 1944
Headquarters – Washington, D.C., United States
Member Countries – 190
MD – Kristalina Georgieva
