WASHINGTON: The IMF on Tuesday projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand.
However, India will still be the fastest growing major economy of the world and much ahead of China, the Washington-based global financial institution said.
This is a downward revision of 0.3 per cent for both the years as compared to the IMF’s previous projections early this year, it said.
“India’s economy is set to grow at 7.0 per cent in 2019, picking up to 7.2 per cent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for domestic demand,” the International Monetary Fund (IMF) said in its World Economic Update. (AGENCIES)
Follow our WhatsApp channel