CURRENT AFFAIRS

Detailed explanation-1: -The International Monetary Fund (IMF) has retained India’s FY23 growth forecast at 6.8%, terming the country a bright spot and major engine of growth amid an expected fall in global growth to 2.9% in 2023 from an estimated 3.4% in 2022.

Detailed explanation-2: -“Growth in India is set to decline from 6.8% in 2022-23 to 6.1% in 2023-24, before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds, ” according to the IMF World Economic Outlook update, titled Inflation Peaking amid Low growth.

Detailed explanation-3: -Global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. Beyond 2023, global growth is forecast to decline to about 3.3 percent over the medium term.

Detailed explanation-4: -Pierre-Olivier Gourinchas on World Economic Outlook Update, January 2023. The IMF projects global growth to fall from 3.4% in 2022 to 2.9% in 2023, and then rise to 3.1% in 2024. Inflation is peaking amid low growth. This is a modal window.

Detailed explanation-5: -The International Monetary Fund (IMF) has projected India’s growth to be at 6.1 per cent in the fiscal year 2023.