India is the fastest growing major economy in the world, according to projections of gross domestic product (GDP) growth in fiscal year 2022 by the International Monetary Fund (IMF).
The IMF has predicted “fairly robust” growth of 8.2% for India in 2022, making it the fastest growing major economy in the world, almost twice as fast as India’s 4.4% China.
“As India walks on a high growth trajectory, the country is expected to remain the fastest growing economy in the world in fiscal year 2022!” MyGovIndia tweeted.
INDIA’S GDP GROWTH
However, the IMF, in its annual World Economic Prospects report, lowered India’s growth projection by 0.8 percentage points for 2022 from its previous forecast for the same period last year. latest.
In 2021, India recorded a growth rate of 8.9%, according to a report by PTI.
GDP GROWTH IN CHINA AND THE UNITED STATES
China, which recorded a growth rate of 8.1% in 2021, is expected to grow 4.4% in 2022 and 5.1% in 2023, according to the IMF report.
The United States is expected to grow 3.7% in 2022 from 5.7% in 2021. Its projection for 2023 has been lowered to 2.3%, according to the IMF report.
GLOBAL GDP GROWTH
Global growth was projected at 3.6% in 2022, from 6.1% in 2021.
The IMF’s projection of 3.6% global growth in 2022 and 2023 is 0.8% and 0.2% lower, respectively, than the January forecast. “The deterioration largely reflects the direct impacts of the war on Russia and Ukraine and the global fallout,” he said.
For other countries, the IMF forecast GDP growth for Brazil at 0.8%, Mexico at 2%, Germany at 2.1%, Italy at 2.3%, France at 2 .9%, Japan at 3.3%, the United Kingdom at 3.7%. 100, Canada at 3.9% and Spain at 4.8%.
— MyGovIndia (@mygovindia) April 20, 2022
Observing that global risks to the economic outlook have risen sharply and political trade-offs have become even more difficult, the IMF said. This crisis is unfolding at a time when the global economy was on a recovery path and recovering from the Covid-19 pandemic.
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