IMF lowers India’s FY22 growth forecast to 9% from 9.5%

The International Monetary Fund (IMF) has cut India’s economic growth forecast for the current fiscal 2021-22 (FY22) to 9 percent, in its latest world economic outlook report, released on January 25, 2022.

In its latest update of World Economic Outlook on Tuesday, the Washington-based international financial institution, which had in October last year projected a 9.5 per cent GDP growth for India, put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1 per cent. IMF has projected the global growth rate in 2022 to 4.4%, and in 2023 to 3.8%.