India's GDP growth News

IMF reduced the GDP growth rate estimate of the whole world including India, know the reason!

The ongoing war between Russia and Ukraine has shaken the global economy. Its effect was shown in the GDP growth rate forecast of the IMF.

The growth rate of all countries including India, China and America has started falling due to Russia and Ukraine war. Due to which the pace of development has slowed down.

After the Central Reserve Bank and the World Bank, now the International Monetary Fund (IMF) has also reduced India's GDP growth estimate.

For the financial year 2022-23, the IMF has reduced India's GDP growth forecast to 8.2 percent.

Before the Ukraine-Russia war, the IMF had projected India's growth at 9 per cent in January.

India's economic growth rate was 8.9 percent in 2021. Whereas in 2023 it is likely to be 6.9 percent.

However, India will still remain the fastest growing country. But this estimate is 0.8 per cent lower than the growth forecast last year.

IMF estimates that India will overtake countries like America, Germany, France, Italy, Spain, Japan, Britain, Canada, China in this matter.

The IMF has placed Russia's GDP growth forecast in the negative. The reason for this is the economic devastation of Russia in the war.

Earlier, the World Bank has also reduced the GDP growth estimate for the current financial year from 8.7 per cent to 8 per cent.

At the same time, the Reserve Bank of India estimates that the country's economy will grow at the rate of 7.2 percent.

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