IMF Raises India's GDP Forecast to 7% for FY 2024-2025, Lowers US Growth Projection
The International Monetary Fund (IMF) has raised its forecast for India's Gross Domestic Product (GDP) growth to 7% for the financial year 2024-2025. This marks an increase from the IMF's earlier projection of a 6.8% GDP growth rate in April. The IMF stated that "improved prospects for private consumption, particularly in rural areas," are behind the upgraded economic growth outlook. In comparison, the Reserve Bank of India anticipates a slightly higher growth rate of 7.2% for the current financial year. The IMF also notes that India and China have powered the "stronger activity in Asia." However, the global lender sees signs of a "cooling" in the United States. It says that US growth in 2024 was downgraded due to a "slower-than-expected start to the year."
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