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IMF lowers India ’s growth forecast to 5.6% from 5.8%

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India’s Growth Projection has been lowered marginally to 5.6% in 2013 and 6.3% in 2014 while the Global Growth is projected to remain subdued at slightly above 3% in 2013

According to World Economic Outlook (WEO) by IMF, India ’s growth projection has been lowered marginally to 5.6% in 2013 and 6.3% in 2014. This was slightly lower by 0.2% and 0.1% for 2013 and 2014 respectively than the previous forecast made by IMF in World Economic Outlook Report released in April. Global growth increased only slightly from an annualized rate of 2½% in the second half of 2012 to 2¾% in the first quarter of 2013.

The Global growth is projected to remain subdued at slightly above 3% in 2013, similar to that in 2012. This is less than forecast made in the April 2013 World Economic Outlook, driven to a large extent by weaker domestic demand and slower growth in several key emerging market economies, as well as a more protracted recession in the euro area. There is also a risk of possibility of a longer growth slowdown in emerging market economies, especially given risks of lower potential growth, slowing credit, and possibly tighter financial conditions if the anticipated unwinding of monetary policy stimulus in the United States leads to sustained capital flow reversals. Growth in emerging market and developing economies is now expected to evolve at a more moderate pace at 5% in 2013 and about 5½% in 2014, which is some ¼ percentage points slower than in the April 2013 WEO.

Warm regards,

Dr. S P Sharma
Chief Economis

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