IMF (International Monetary Fund) has forecast India’s growth to be at 7.4% in FY18 and 7.8% in FY19.
This will lead to India regaining the tag of the fastest growing major economy.
This will lead to India regaining the tag of the fastest growing major economy.
- The IMF mentioned that the year 2017 saw the best global growth in seven years.
- The January update of the World Economic Forum Outlook (WEO) was released in Davos and Washington in which India is projected to grow at7.4% in FY18 against 6.7% this year. It is expected to grow 7.8% in FY20.
- Last year saw a slowdown in the economy due to demonetization and implementation of the GST.
- Growth rate projections for both 2018 and 2019 remain unchanged since its October 2017 WEO projections.
- China is expected to grow at 6.6% and 6.4% in 2018 and 2019 respectively.
- Last year China (6.8 percent) was ahead of India (6.7 percent), giving China the tag of being the fastest growing emerging economies, as has been the case for major parts of the past several decades.
- India was the fastest growing country among emerging economies in 2016. Due to demonetisation in late 2016 and implementation of the Goods and Services Tax (GST), India's economy slowed down a little to 6.7 percent.
World Economic Forum (WEF)
- The World Economic Forum is a non-profit Swiss foundation based in Geneva, Switzerland. It aims to improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. It was formed in 1971 by Klaus Schwab. It was formerly known as the European Management Forum and its name changed to World Economic Forum in 1987. It conducts its annual meeting at the end of January in Davos which brings together delegates, business leaders, political leaders, journalists etc. from all over the world to discuss the issues facing the world.
