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IMF trims India's growth projection to 6.1% for 2012

17 Jul 2012 Evaluate
Adding to the woes of looming global economic slowdown, International Monetary Fund (IMF) has pegged India’s economic growth projection lower by 0.7% at 6.1% for 2012, while global growth forecast for the same year has been reduced to 3.5% from 3.6%.It also warned that the outlook could dim further if policymakers in Europe do not act with enough force and speed to quell their region's debt crisis.

The global lender has also shaved 2013 growth projection of India to 6.5%, while global growth projection were lowered to 3.9% from 4.1%. It also estimates that the advanced economies would grow only by 1.4% this year and 1.9% in 2013, while that of developing economies would be by 5.6% in this year and 5.9% by 2013.

India's economic growth has fallen to a nine-year low of 6.5% in 2011-12 fiscal, the World Bank projected Indian economy to grow at 6.9% in the current fiscal, from the earlier 7%. The IMF expects the US economy to expand by 2 percent and 2.3 percent in 2012 and 2013, respectively.



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