ANI
28 Jul 2021, 00:48 GMT+10
Washington [US], July 27 (ANI): The International Monetary Fund (IMF) on Tuesday has scaled down India's growth to 9.5 per cent for the current financial year from 12.5 per cent estimated earlier in April.
As per the World Economic Outlook (WEO) report released by IMF, India's Gross Domestic Product (GDP) growth projection is at 9.5 per cent for 2021-22.
It has also revised the GDP growth for FY 2022-23 to 8.5 per cent.
The IMF has projected the global economy to grow at 6 per cent in 2021 and 4.9 per cent in 2022.
"The IMF projects the global economy to grow at 6 per cent in 2021 and 4.9 per cent in 2022. The recovery remains uneven across regions, depending on access to vaccines. More in the updated World Economic Outlook," IMF said in a tweet.
The IMF projected China to grow at 8.1 and 5.7 in 2021-22 and 2022-23 respectively.
India witnessed a strong second wave of COVID-19 earlier this year.
The report said that vaccine access has emerged as the principal fault line along which the global recovery has splits into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls.
"Elevated inflation is also expected in some emerging market and developing economies, related in part to high food prices. Central banks should generally look through transitory inflation pressures and avoid tightening until there is more clarity on underlying price dynamics," the report said.
(ANI)Get a daily dose of Brazil Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brazil Sun.
More InformationAccra (Ghana) [India], July 2 (ANI): Prime Minister Narendra Modi's upcoming visit to Ghana will be the first by an Indian Prime Minister...
Hyderabad (Telangana) [India], July 1 (ANI): NMDC, India's largest iron ore producer, marked a significant milestone with the inauguration...
New Delhi [India], July 1 (ANI): The last two spots for the quarterfinals of the FIFA Club World Cup will be sealed by either Spanish...
Georgetown [Guyana], July 1 (ANI): As Guyana President Irfaan Ali commissioned Phase I of the Ogle to Eccles portion of the East Coast-East...
(250701) -- CUSCO, July 1, 2025 (Xinhua) -- This photo taken on June 20, 2025 shows people celebrating Inti Raymi, or the Festival...
(250701) -- BUENOS AIRES, July 1, 2025 (Xinhua) -- This photo taken on June 30, 2025 shows a YPF logo in Buenos Aires, Argentina. Argentina...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...