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World Economic Outlook

  • 28 Jan 2022

On 25th January 2022, International Monetary Fund (IMF) released its World Economic Outlook report.

It is a survey by the IMF staff usually published twice a year. It presents IMF staff economists' analyses of global economic developments during the near and medium term.

The Report on India

  • The International Monetary Fund (IMF) has cut India’s economic growth forecast for the current fiscal 2021-22 (FY22) to 9 per cent on concerns over impact of new Covid variant , in its latest world economic outlook report. Earlier, in October 2021 this was estimated at 9.5%.
  • IMF has projected the growth forecast for India in 2022-23 (FY23) at 7.1%.
  • According to the IMF, India's prospects for 2023 are marked up on expected improvements to credit growth and, subsequently, investment and consumption, building on better-than-anticipated performance of the financial sector.

Govt. of India’s Projections

  • According to the first advanced estimates of GDP released few weeks back, the government projected India's GDP to grow by 9.2 per cent for FY22.
  • Besides, the Reserve Bank of India (RBI) had projected 9.5 per cent GDP growth for the same period.

The Report on World/Major Economies

  • IMF has projected the global growth rate in 2022 to 4.4%, and in 2023 to 3.8%.
  • United States: The IMF slashed the growth forecast for the United States - world's largest economy - to 4 per cent in 2022 from the 5.2 per cent it predicted in October 2021 and for 2023 it is projected at 2.6%.
  • China: The Chinese economy is forecast to grow 4.8 per cent this year (2022) - down from 8.1 per cent last year (2021) and projected at 5.2% in 2023.