Why is it in the news?
- The International Monetary Fund (IMF) has cut India’s growth forecast for 2019-20 to 7% from its forecast in April of 7.3% on poor demand conditions.
More in the news
Other IMF Findings:
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The downward revision of 0.3 percentage points for both years reflects a weaker-than-expected outlook for domestic demand.
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The 7% forecast for 2019-20, however, is in line with those made by the Reserve Bank of India.
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The IMF has also cut its forecast for world GDP growth by 0.1% point each in 2019 and 2020 to 3.2% and 3.5%, respectively.
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The growth forecast for emerging markets and developing economies has also been cut by 0.3% points for 2019 to 4.1% and by 0.1% points for 2020 to 4.7%.
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International Monetary Fund (IMF):
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The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944.
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The International Monetary Fund (IMF) is an organization of 189 countries.
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The IMF’s primary purpose is to ensure the stability of the international monetary system.
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Its other objectives are :
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Working to foster global monetary cooperation.
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Secure financial stability.
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Facilitate international trade.
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Promote high employment and sustainable economic growth.
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Reduce poverty around the world.
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IMF is headquartered in Washington, D.C.
Source
The Hindu, IMF.