After the World Bank, the International Monetary Fund (IMF) has also reduced India's growth forecast for the year 2022. In the report released by the IMF on Tuesday, India's economy has been projected to grow by 8.2 percent this year. Earlier, the growth rate was estimated at 9 percent. However, despite the slowdown in the rate of growth in the new estimates, the Indian economy will grow at almost twice the rate of China. The IMF has said that China's economy will grow at 4.4 percent this year. The IMF has also reduced the growth rate forecast for the global economy from 6.1 percent to 3.6 percent.
The World Bank also slashed its projections on India's economy last week. The IMF report says that in the year 2023, India's growth rate will come down to 6.9 percent. Whereas in the year 2021, the growth rate of the country was 8.9 percent. The reduction in the growth rate estimates by the two international agencies means that the Ukraine-Russia war is going to have very reverse effects around the world. The IMF has also said this thing. Apart from Ukraine-Russia, it has also cited the huge increase in the prices of food products as a major reason. If we look at the decline in the growth rate estimate, then the IMF has said such a decline for Japan and India only. Petro products constitute a major part of the economy of these two countries and for this, it is largely dependent on imports. Now that the prices of crude have increased significantly, their growth rate has become likely to be affected. Several domestic agencies have also lowered India's growth forecast.
If compared with China, India has never progressed so much faster than China on the economic front if the IMF's estimates are correct. The IMF believes that China, which has achieved a growth rate of 8.1 percent in the year 2021, will only be able to achieve a growth rate of 4.4 percent in the year 2022. In the year 2023, this will come down to 5.1 percent. The IMF has said that the situation created after Russia's attack on Ukraine is going to have an impact on far-flung countries as well. Prices of different types of products and raw materials will affect each type of country. Especially the countries which were slowly recovering after the Corona epidemic may have to bear more shocks.
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