India to grow at 9% in 2022 & 2023; well above US, China, Europe & World economies: IMF

International Monetary Fund (IMF) on Tuesday predicted that global economy will grow at 4.4% in 2022 and is expected to slow down to 3.8% in 2023. While releasing latest projections for world growth, IMF has revised India’s growth prediction for current fiscal year ending on March 31 by 0.5% (from 9.5% earlier to 9% now) which still retains its position as world's fastest-growing major economy.

As per latest figures released by global monitoring organization, India’s estimated growth prediction stood at 9% for 2021-22. IMF has also predicted that growth rate will remain consistent (at 9%) in next economic year 2022-2023.

Joining a host of or agencies, IMF has revised growth predictions in view of rapidly spreing new COVID-19 variant-Omicron which is driving latest wave in world. new variant has impacted business activities in several areas after imposition of stringent norms. Mobility has also been vitiated after imposition of strict international travel norms. 

India to remain he-and-shoulders above World average; US narrows gap to China

Besides India, IMF has predicted that US economy will grow at 4% while China will grow at 4.8%. up-to-date statistics suggest that US is closing growth gap with China, with a meagre difference of 0.8%. 

Meanwhile, European Area’s economic rise is predicted to fall from 5.2% this fiscal to 3.9% in 2022-23.

Earlier in October last year, IMF h predicted India's GDP growth at 9.5% in 2021 and 8.5% for 2022. latest predictions suggest an increase in growth rate of Indian economy by 0.5% in forthcoming fiscal (2022-23) as projection has moved up from 8.5% earlier to 9% now.

It is significant to note that global agency believes that Indian economy’s growth will remain at 9% for two years in a row, which underscores a significant rate of recovery of a COVID-19 battered economy with respect to or nations - while one year can be attributed to a base effect, second occurs despite it.

Global Economy To Lose $12.5 Trillion By 2024 Due To COVID-19: IMF MD

This comes after IMF Managing Director on Jan 21 stated that coronavirus pandemic would cost global economy $12.5 trillion in output by 2024. On Thursday, Kristalina Georgieva stated, “ world economy between now and 2024 is losing USD 12.5 trillion in output because of COVID. And we are going to actually update this number revising it upwards because of Omicron," as per Sputnik.

se comments of IMF director came after a new United Nations World Economic Situation and Prospects (WESP) 2022 report released last week which revealed that after a robust rebound in 2021, global economy is expected to grow by just 4% in 2022, while 3.5% following year. report also stated that re were substantial obstacles to world economy which were posed by new waves of COVID-19 infections comprising chronic labour market issues, persisting supply-chain challenges as well as growing inflationary pressures. According to report, in 2021, economy grew by 5.5 per cent.  

Image: PTI/ Twitter