India is the world’s fastest-growing major economy in the world, according to Gross domestic product (GDP) growth projections in the Financial Year (FY) 2022 by the International Monetary Fund (IMF).
The IMF has projected a “fairly robust” growth of 8.2 per cent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than China’s 4.4 per cent.
“As India marches on a high-growth trajectory, the country is set to remain the fastest growing economy in the world in FY 2022!” MyGovIndia tweeted.
INDIA GDP GROWTH
However, the IMF in its annual World Economic Outlook report has lowered India’s growth projection by 0.8 percentage points for 2022 from its previous forecast for the same period last year.
In 2021, India registered a growth rate of 8.9 per cent, according to a PTI report.
CHINA, US GDP GROWTH
China, which registered a growth rate of 8.1 per cent in 2021, has been projected to grow at 4.4 per cent in 2022 and by 5.1 per cent in 2023, as per the IMF report.
The US has been estimated to grow at 3.7 per cent in 2022 against 5.7 per cent in 2021. Its projection for 2023 has been downgraded to 2.3 per cent, according to the IMF report.
GLOBAL GDP GROWTH
The global growth has been projected at 3.6 per cent in 2022, down from 6.1 per cent in 2021.
The IMF’s projection of global growth at 3.6 per cent in 2022 and 2023 is 0.8 and 0.2 per cent lower than in the January forecast, respectively. “The downgrade largely reflects the war’s direct impacts on Russia and Ukraine and global spillovers,” it said.
For other countries, IMF has projected GDP growth for Brazil at 0.8 per cent, Mexico at 2 per cent, Germany at 2.1 per cent, Italy at 2.3 per cent, France at 2.9 per cent, Japan at 3.3 per cent, UK at 3.7 per cent, Canada at 3.9 per cent, and Spain at 4.8 per cent.
Observing that the overall risks to economic prospects have risen sharply and policy trade-offs have become even more challenging, the IMF said. This crisis unfolds at a time when the global economy was on a mending path and was recovering from the Covid-19 pandemic.