IMF cuts India’s economic growth forecast for FY22

The IMF has cut India’s economic growth forecast by 0.5 percentage points to 9 pc for the current fiscal year, with its Chief Economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant.

The IMF has cut India’s economic growth forecast by 0.5 percentage points to 9 pc for the current fiscal year, with its Chief Economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly, Gopinath told reporters at a news conference in Washington.

In its latest update of World Economic Outlook, the International Monetary Fund has cut India’s economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.

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