New Delhi. There is good news for the economy. The International Monetary Fund (IMF) has projected a growth rate of 9.5 per cent for India in 2021 and 8.5 per cent in 2022. The IMF said this in its latest estimates released on Tuesday. India’s economy had declined by 7.3 per cent during the financial year 2020-21.
In the latest World Economic Outlook (WEO) released by the IMF, India’s growth rate projections have been kept stable over its previous estimate released in July this year. However, it is 1.6 per cent lower than the April estimate. According to the latest WEO released before the annual meeting of the IMF and the World Bank, the growth rate of the whole world is estimated to be 5.9 percent in the year 2021 and 4.9 percent in 2022.
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According to the latest WEO report, the US is projected to grow at 6 percent this year and 5.2 percent next year. According to these forecasts by the IMF and the World Bank, China’s economy can grow at the rate of 8 percent in 2021 and 5.6 percent in 2022.
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It is noteworthy that the Reserve Bank of India (RBI) has estimated GDP growth at 9.5 per cent for the financial year 2021-22. But, in the first quarter of the financial year 2022-23, the economic growth rate has been estimated at 17.2 percent.
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