IMF downgrades India’s growth forecast from 6.1% to 5.9%
By MYBRANDBOOK
The International Monetary Fund has downgraded its growth forecast for the Indian economy from 6.1% to 5.9% for the current fiscal 2023-24, mainly because of the slow domestic consumption and data revision. Krishna Srinivasan, director of the Asia and Pacific Department, IMF, said that the revisions to India’s growth have been very modest and probably reflects two factors.
Srinivasan said, “One is that domestic consumption growth is starting to slow, albeit modestly. The other factor is data revisions in 2019 to 2020, which suggests the economic position of India before the pandemic was better. The impact of the pandemic was more limited than we thought, and recovery has been stronger.nThat explains how we see the revisions to the forecast. Now, in terms of what are the risks, again, the external risks, which are the same across the region in terms of what happens to partner country growth with slowing growth in the US and Europe. All these are factors which are external risks to the growth forecast.”
All those point to the fact that output gaps are closing, he remarked at a news conference in Washington.
Srinivasan said that domestically, the government is placing a lot of emphasis on capital spending and that if it comes below what is expected, that could also weigh on growth prediction.
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