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IMF slashes India's FY23 GDP growth forecast by 80 bps to 7.4%!

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries

The IMF has three critical missions:

Furthering international monetary cooperation,
encouraging the expansion of trade and economic growth, and
discouraging policies that would harm prosperity.

To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.

The World Economic Outlook (WEO) is an International Monetary Fund report providing output, inflation, employment, fiscal balances, and debt statistics for member countries.

The report, best known for its global growth forecasts, summarizes the state of the global economy and highlights the most important recent developments.

The IMF publishes the WEO report twice a year based on data obtained from its consultations with member countries' governments.

The IMF also publishes two additional and less comprehensive WEO Updates a year, each three months after the main WEO report.

The WEO is usually published in April and October, followed by the less comprehensive WEO updates in July and January.

The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent.

A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent as against 6.9 percent earlier.

"For India, the revision reflects mainly less favorable external conditions and more rapid policy tightening," the IMF said on July 26 in an update to its World Economic Outlook report.

Russia's invasion of Ukraine in late February disrupted supplies of crucial commodities, pushing up prices globally.

Consequently, key central banks in the developed world, such as the US Federal Reserve, have begun tightening their monetary policies in earnest to cut down multi-decade high inflation

This has exerted further pressure on the Indian rupee, which has hurtled to multiple record lows in recent weeks and last week breached the 80-per-dollar mark for the first time.

These forces, in combination with already high domestic inflation, have pushed the Reserve Bank of India (RBI) to raise interest rates rapidly.

The growth downgrade for India, along with those for China and the US, was largely responsible for the IMF lowering the global growth forecast for the calendar year 2022 by 40 basis points to 3.2 percent and by 70 basis points to 2.9 percent for 2023

The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent.

A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent as against 6.9 percent earlier.

"For India, the revision reflects mainly less favorable external conditions and more rapid policy tightening," the IMF said on July 26 in an update to its World Economic Outlook report.

Russia's invasion of Ukraine in late February disrupted supplies of crucial commodities, pushing up prices globally.

Consequently, key central banks in the developed world, such as the US Federal Reserve, have begun tightening their monetary policies in earnest to cut down multi-decade high inflation

This has exerted further pressure on the Indian rupee, which has hurtled to multiple record lows in recent weeks and last week breached the 80-per-dollar mark for the first time.

These forces, in combination with already high domestic inflation, have pushed the Reserve Bank of India (RBI) to raise interest rates rapidly.

The growth downgrade for India, along with those for China and the US, was largely responsible for the IMF lowering the global growth forecast for the calendar year 2022 by 40 basis points to 3.2 percent and by 70 basis points to 2.9 percent for 2023