Tribune News Service
New Delhi, July 26
The International Monetary Fund (IMF) has lowered India’s growth forecast for the current fiscal to 7.4 per cent from 8.2 per cent projected earlier. The Asian Development Bank had recently lowered the economic growth forecast for India for 2022-23 to 7.2 per cent.
In its World Economic Outlook for July, the IMF said for India, the downward revision by 0.8 per cent reflects mainly less favourable external conditions and more rapid policy tightening. The IMF lowered China’s growth prospects more sharply by 1.1 per cent and said this sharp slowdown and the moderation in India’s economy will lead to Asia losing 0.8 percentage of the growth.
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