Posted 28/07/2017 in Category 1

India's economy to grow faster than China in 2017 and 2018: IMF

India's economy to grow faster than China in 2017 and 2018: IMF

The latest IMF prediction on growth has cheered the Indian business community, Sensex and Nifty the benchmark Indian Index. Nifty reached 10000K  for the first time ever since Manmohan Singh as Finance Minister relaxed its economy in 1991. BSE Sensex crossed 32000K as well... How much of this growth will tickle down and brings in actual gob growth is to be seen.


HIGHLIGHTS:

  • IMF has said India will grow faster than China in 2017 and 2018
  • It has retained the country's GDP forecast at 7.2 per cent for the current fiscal
  • IMF made the projections in its World Economic Outlook Update


India will stay ahead of China in growth sweepstakes in 2017 as well as 2018, said the International Monetary Fund (IMF) while retaining the country's GDP forecast at 7.2 per cent for the current fiscal.

According to IMF's World Economic Outlook Update, India's growth is projected to accelerate to 7.7 per cent in 2018-19, from 7.2 per cent forecast for 2017-18.

While the IMF has retained India's growth estimate as provided in the World Economic Outlook (WEO) in April, in the case of China, the forecast has been marginally raised to 6.7 per cent in 2017 and 6.4 per cent in 2018 from earlier projections.

India, however will continue to grow faster than China in 2017 as well as 2018.

Growth in India+ , the multilateral agency said, is forecast "to pick up further in 2017 and 2018, in line with the April 2017 forecast.

It added: "While activity slowed following the currency exchange initiative, growth for 2016 -- at 7.1 per cent -- was higher than anticipated due to strong government spending and data revisions that show stronger momentum in the first part of the year."

According to the WEO update, inflation in advanced economies remains subdued and generally below target and has been declining in several emerging economies such as Brazil, India and Russia too.

It further said economic activity in both advanced and emerging and developing economies is forecast to accelerate in 2017 to 2 per cent and 4.6 per cent, respectively, with global growth projected to be 3.5 per cent, unchanged from the April forecast.

The IMF further said that with a pick-up in global trade and strengthening domestic demand, growth in the ASEAN-5 economies is projected to remain robust at around 5 per cent.

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