WORLD ECONOMIC OUTLOOK: IMF
CONTEXT
- Recently, the latest World Economic Outlook of the International Monetary Fund (IMF) has estimated that India’s Gross Domestic Product (GDP) will grow by 11.5% in the Financial Year (FY) 2021-22.
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INDIA SPECIFIC PROJECTIONS:
- FY 2020-21: For the current fiscal, the IMF had forecast a record 10.3% contraction.
- FY 2021-22: For the next fiscal, starting from April 1st, GDP growth projection is at 11.5%, 2.7% higher than the projection made in October, 2020.
- Last October, the IMF had projected an 8.8% real GDP growth for India in FY 2021-22, highest globally.
- FY 2022-23: In FY 2022-23, the economy will likely grow 6.8%.
BASICS ABOUT WORLD ECONOMIC OUTLOOK
- The World Economic Outlook (WEO) is a report by the International Monetary Fund that analyzes key parts of the IMF’s surveillance of economic developments and policies in its member countries
- It also projects developments in the global financial markets and economic systems.
- The WEO is usually prepared twice a year and is used in meetings of the International Monetary and Financial Committee.
- The World Economic Outlook (WEO) presents the IMF’s analysis and projections of global economic developments and classifies their analysis by region and stage of economic development.
- This report is the main instrument of disseminating the findings and analysis of their global surveillance activities to the world.