The International Monetary Fund (IMF) has lowered India’s growth forecast for FY18.
The IMF projected India to grow at 6.7% in 2017 and 7.4% in 2018.
According to IMF, the global recovery is continuing, and at a faster pace. The picture is very different from early last year, when the world economy faced faltering growth and financial market turbulence.
IMF expects an accelerating cyclical upswing boosting Europe, China, Japan, and the United States, as well as emerging Asia. It also expects that fully 43 emerging market and developing economies will grow even less in per capita terms than the advanced economies over the coming five years.
While Fitch Ratings has also downgraded India’s economic growth
forecast for the current fiscal to 6.9 per cent from 7.4%.