After the Central Reserve Bank and the World Bank, now the International Monetary Fund (IMF) has also reduced India’s GDP growth estimate. For the current financial year 2022-23 (FY23), the IMF has reduced the GDP growth forecast to 8.2 per cent.
In January, the IMF had forecast a growth of 9 per cent. This was the time when there was no war between Ukraine and Russia. Now the war is going to be about two months, during which the International Monetary Fund has given a big blow by issuing a new estimate.
IMF Growth Projections: 2022
USA??: 3.7%
Germany??: 2.1%
France??: 2.9%
Italy??: 2.3%
Spain??: 4.8%
Japan??: 3.3%
UK??: 3.7%
Canada??: 3.9%
China??: 4.4%
India??: 8.2%
Russia??: -8.5%
Brazil??: 0.8%
Mexico??: 2.0%
KSA??: 7.6%
Nigeria??: 3.4%
RSA??: 1.9%https://t.co/J6EVpjwBqt pic.twitter.com/NqVHNWhUwv— IMF (@IMFNews) April 19, 2022
Impact of Ukraine-Russia War: The International Monetary Fund (IMF) has also mentioned the war between Russia and Ukraine. According to the IMF, high oil prices due to the Ukraine crisis have affected the economy. Because of this, domestic consumption and private investment are also expected to be affected. Along with this, the IMF has recommended monetary tightening by central banks around the world, including India, to keep inflation under control.
Let us inform that the World Bank has also reduced the GDP growth estimate for the current financial year from 8.7 percent to 8 percent. At the same time, the Central Reserve Bank estimates that the country’s economy will grow at the rate of 7.2 percent. Earlier it was estimated to be 7.8 percent.