Economy India

India Is Fastest Growing Major Economy in World, GDP Growth in FY22

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modestadorsett

According to reports that India is the world’s fastest-growing major economy in the world, according to Gross domestic product (GDP) growth projections in the Financial Year (FY) 2022 by the International Monetary Fund (IMF).

The IMF has projected a “fairly robust” growth of 8.2 percent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than China’s 4.4 percent.

India GDP Growth

“As India marches on a high-growth trajectory, the country is set to remain the fastest growing economy in the world in FY 2022!” MyGovIndia tweeted.

However, the IMF in its annual World Economic Outlook report has lowered India’s growth projection by 0.8 percentage points for 2022 from its previous forecast for the same period last year, the report said.

In 2021, India registered a growth rate of 8.9 per cent, according to a PTI report.

China, US GDP Growth

China, which registered a growth rate of 8.1 per cent in 2021, has been projected to grow at 4.4 per cent in 2022 and by 5.1 per cent in 2023, as per the IMF report.

Global GDP Growth

The global growth has been projected at 3.6 percent in 2022, down from 6.1 percent in 2021.

The IMF’s projection of global growth at 3.6 percent in 2022 and 2023 is 0.8 and 0.2 percent lower than in the January forecast, respectively. “The downgrade largely reflects the war’s direct impacts on Russia and Ukraine and global spillovers”, the report said.

IMF GDP growth

For other countries, IMF has projected GDP growth for Brazil at 0.8 percent, Mexico at 2 percent, Germany at 2.1 percent, Italy at 2.3 percent, France at 2.9 percent, Japan at 3.3 percent, UK at 3.7 percent, Canada at 3.9 percent, and Spain at 4.8 percent, the report said.

Observing that the overall risks to economic prospects have risen sharply and policy trade-offs have become even more challenging, the IMF said.

This crisis unfolds at a time when the global economy was on a mending path and was recovering from the Covid-19 pandemic. (India Today)