The International Monetary Fund has predicted that India’s economy will grow at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.
IMF said in latest update of the World Economic Outlook that growth in emerging and developing Asia is on track to rise to 5.3 per cent in 2023, then to 5.0 percent in 2024, showcasing a 0.1 percentage point downward revision for 2024. It said the forecast for China remains unchanged at 5.2 per cent for 2023 and 4.5 per cent for 2024. However, consumption growth has evolved broadly in line with April 2023 World Economic Outlook projections. However, investment has underperformed due to the ongoing real estate downturn in China.
