India is the fastest growing big economy: Check where the US, China, others stand
India is the fastest growing big economy: Check where the US, China, others stand

India is the fastest growing big economy: Check where the US, China, others stand

India is the world’s fastest growing large economy in the world according to growth forecasts for gross domestic product (GDP) in the financial year 2022 of the International Monetary Fund (IMF).

The IMF has predicted a “fairly robust” growth of 8.2 percent for India by 2022, making it the fastest growing major economy in the world, almost twice as fast as China’s 4.4 percent.

While India is marching on a path of high growththe country is set to remain the fastest growing economy in the world in FY 2022! “MyGovIndia tweeted.

INDIA GDP GROWTH

However, in its annual World Economic Outlook report, the IMF has lowered India’s growth projection by 0.8 percentage points for 2022 from its previous forecast for the same period last year.

In 2021, India recorded a growth rate of 8.9 percent, according to a PTI report.

CHINA, US GDP GROWTH

China, which recorded a growth rate of 8.1 percent in 2021, is expected to grow by 4.4 percent in 2022 and by 5.1 percent in 2023, according to the IMF report.

The United States has been estimated to grow by 3.7 percent in 2022 against 5.7 percent in 2021. Its projection for 2023 has been downgraded to 2.3 percent according to the IMF report.

GLOBAL GDP GROWTH

Global growth has been projected at 3.6 percent in 2022, down from 6.1 percent in 2021.

The IMF’s projection of global growth of 3.6 per cent. in 2022 and 2023 are 0.8 and 0.2 per cent respectively. lower than in the January forecast. “The downgrade reflects to a large extent the direct impact of the war on Russia and Ukraine and global spillovers,” it said.

For other countries, the IMF has projected GDP growth for Brazil at 0.8 percent, Mexico at 2 percent, Germany at 2.1 percent, Italy at 2.3 percent, France at 2.9 percent, Japan at 3.3 percent, UK at 3.7 percent. per cent, Canada with 3.9 per cent, and Spain with 4.8 per cent.

The IMF noted that the overall risks to the economic outlook have risen sharply and that balancing policies has become even more challenging, the IMF said. This crisis unfolds at a time when the global economy was on its way and was recovering from the Covid-19 pandemic.

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