IMF: When The Whole World Is In Danger Of Recession, India's Performance Is Better

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IMF: When The Whole World Is In Danger Of Recession, India's Performance Is Better
13 Oct 2022
6 min read

News Synopsis

A top official of the International Monetary Fund (IMF) said on Tuesday that while the entire world is lagging behind in terms of economic growth, India has not been unaffected by it, but is doing better than other countries of the world.

Krishna Srinivasan, director of the IMF's Asia and Pacific Department, said that if we look at the global situation now, it is known that growth has slowed in many countries of the world, along with inflation has increased.

In a conversation with the news agency PTI, Srinivasan said, "We expect countries that account for one-third of the global economy to fall into recession this year or next. 

Srinivasan has said that while the growth rate of almost every country is slowing down, India is doing comparatively better and is in a relatively bright spot as compared to other countries in the region.

Let us inform you that the IMF in its World Economic Outlook released on Tuesday has reduced the growth forecast for India in the current financial year from 8.7 percent to 6.8 percent.

The global growth rate for the year 2023 has been estimated at 6.1 percent. In 2023, more than a third of the global economy could see a recession. This will also affect the world's three largest economies – the United States, the European Union, and China.

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