Kristalina Georgieva further noted that India continues to be a shining light at a time when the IMF expects 2023 to be challenging due to a slowdown in global GDP from 3.4% last year to 2.9% in 2023
Kristalina Georgieva has reportedly said that Pakistan needs to take strong measures to avoid getting into a dangerous place where its debt needs to be restructured
Kristalina Georgieva congratulated India on its strong economic performance in challenging global times and its role at the forefront of digitalisation of the economy, especially in the area of digital payments
IMF also said that it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1% from 6.8% during the current fiscal ending March 31
IMF chief has also said that for the next couple of months, it would be tough for China
It also said that the challenges that the global economy is facing are immense and weakening economic indicators point to further challenges ahead
IMF on Tuesday, in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India
The 10.3% GDP contraction for India is for the current fiscal year, ending on March 2021, as opposed to projections for all other economies based on the calendar year 2020. IMF's outlook for India for the current calendar year 2020 is pegged at 8.6% decline
Global gross domestic product will shrink by 3% in 2020 before recovering by 5.8% in 2021, according to the International Montetary Fund's base case.
The agency cut the country's 2019 economic growth from the 6.1 per cent that it estimated in October, citing a sharper-than-expected fall in domestic demand and stress in NBFCs leading to a decline in credit growth.
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Christine Lagarde urged central banks all over the world to explore this idea that is bringing a new dimension to the FinTech revolution
According to the recent Regional Economic Outlook (Asia and Pacific) report by IMF, India will be the fastest growing economy followed by Bhutan and Bangladesh