IMF projects slower growth rate for India

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:
    • The downward revision of 0.3 percentage points for both years reflects a weaker-than-expected outlook for domestic demand.
    • The 7% forecast for 2019-20, however, is in line with those made by the Reserve Bank of India.
    • 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.
    • 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%.

    • International Monetary Fund (IMF):
      • The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944.
      • The International Monetary Fund (IMF) is an organization of 189 countries.
      • The IMF's primary purpose is to ensure the stability of the international monetary system.
    • Its other objectives are :
      • Working to foster global monetary cooperation.
      • Secure financial stability.
      • Facilitate international trade.
      • Promote high employment and sustainable economic growth.
      • Reduce poverty around the world. 
    • IMF is headquartered in Washington, D.C.
Source
The Hindu, IMF.




Posted by Jawwad Kazi on 24th Jul 2019
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