Get Honorary PhD

World's economy will slow down in 2023, despite the decline, India will be the country with the fastest growth rate

Pankaj Prasad
International Monetary Fund
International Monetary Fund

The International Monetary Fund (IMF) has predicted a recession in the Indian economy for the year 2023.

Along with other countries of the world, the Indian economy may also face a mild recession in the year 2023. However, India's economy will still be in the best condition according to other countries. In fact, the International Monetary Fund (IMF) said on Tuesday that the growth rate during the financial year 2023 is expected to decline from 6.8 percent to 6.1 percent. If we look at the latest list of IMF, India is still at the forefront in comparison to other countries.ย ย 

Global growth rate projected to fall

Apart from this, according to the IMF's World Economic Outlook, the global growth rate is expected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then increase to 3.1 percent in 2024. While America's growth rate is expected to be 1.4 percent in 2023, Britain's economy is expected to be minus 0.6 percent.

Know what IMF said about India?

The IMF said that for the period from October 2022 to March 31, 2023, we had estimated India's growth rate at 6.8 percent, but after that it is expected to decline to 6.1 percent in the current financial year of 2023. Chief Economist of the IMF's Research Department and Director Pierre-Olivier Gaurinchas gave this information.

IMF also released Asia reportย 

According to the IMF report, the growth in emerging and developing Asia is expected to accelerate to 5.3 percent and 5.2 percent in 2023 and 2024 respectively. However, China's growth rate has come down to 4.3 percent in 2022.

China's growth rate is expected to improve in 2023, while the IMF has expressed the hope that China's growth rate will increase in the year 2023. According to the IMF, China's growth rate is expected to rise to 5.2 percent in 2023, reflecting a rapid improvement in mobility. However, it is projected to fall once again to 4.5 percent in 2024. At the same time, in the fourth quarter of the year 2022, China's real GDP suffered a setback when it fell to three percent.