IMF lowers India’s growth projection, attributes it to demonetisation, GST

11-10-2017

It also lowers the country’s growth for 2018 to 7.4%, 0.3 percentage points less than its previous two projections in July and April.

India’s economic growth for 2017 and 2018 will be slower than earlier projections, the International Monitory Fund (IMF) said in its latest World Economic Outlook released on October 10. The report cited “lingering impact” of demonetisation and the Goods and Services Tax for the expected slow down during the current and the next year.  

The IMF projected India to grow at 6.7% in 2017 and 7.4% in 2018, which are 0.5 and 0.3 percentage points less than the projections earlier this year, respectively.  

India’s slowdown is happening while the world economy is picking up steam and is projected to grow faster than earlier calculations, in 2017 and 2018. The IMF has revised upwards “global growth projections to 3.6% for this year and 3.7% for next — in both cases 0.1 percentage point above our previous forecasts,” Maurice Obstfeld, IMF Economic Counsellor and Director of Research, said at a press conference at the beginning of the World Bank-IMF annual meetings. Indian Finance Minister Arun Jaitley will attend the meetings.  

“Among emerging market and developing economies, higher domestic demand in China and continued recovery in key emerging market economies supported growth in the first half of 2017. In India, growth momentum slowed, reflecting the lingering impact of the authorities’ currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax,” the report said.  

Write your Comments on this Article

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Konkanworld.com will not be responsible for any defamatory message posted under this article. Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on Konkanworld.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using Konkanworld.com will be purely at your own risk, and in no way will Konkanworld.com be held responsible. Similarly, Konkanworld.com reserves the right to edit / block / delete the messages without notice any content received from readers.

  • Konkan World
  • Stay Connected
  • Facebook Google+ Twitter YouTube

KONKAN WORLD offers accurate, up-to-date, a large collection of videos from KONKAN WORLD VIDEOS and indulge in fun you will not find else where!.
© Copyright 2014 Konkanworld media Inc