Updated: Jan 28
In the latest World Economic Outlook report of the International Monetary Fund, the institute has revised its earlier projection of the economic growth to s9% from 9.5% for the current fiscal year ending March 31, 2022.
Following the footstep of other agencies which have downgraded their earlier projections on concern of the spread of the Omicron variant of the COVID-19, the IMF forecast a growth of 7.1% for FY23.
The IMF forecast for FY22 is less than that of the 9.3% by Moody's, 9.5% forecast by S&P, 9.2% by the government's Central Statistics Office and 9.5% estimated by the Reserve Bank of India but more than the 8.3% forecast of the World Bank and 8.4% by the Fitch.
IMF has also made a half point revision to its earlier estimate of the global growth for FY22 to 4.4%. The agency expects the global growth to slow to 3.8% in FY23.