News: IMF pegs country's GDP growth at 5.8% for FY14

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IMF pegs country's GDP growth at 5.8% for FY14

The International Monetary Fund (IMF) pegged the country's gross domestic product growth at 5.8 per cent during the current financial year, against an estimated low of five per cent in 2012-13, and predicted it to be as high as 6.3 per cent in 2014-15.

The International Monetary Fund (IMF) pegged the country's gross domestic product growth at 5.8 per cent during the current financial year, against an estimated low of five per cent in 2012-13, and predicted it to be as high as 6.3 per cent in 2014-15.

The IMF’s growth forecast is lower than not only the Economic Survey’s projection of 6.1-6.7 per cent, but also that of its multi-lateral agency peer —World Bank — at 6.1 per cent for 2013-14.

In the latest India development update released on May 1, 2013, the World Bank projected 6.1 per cent growth rate for the current financial year and that the growth rate might increase to 6.7 per cent in the financial year 2014-15.

The IMF pegged world growth to be around 3.3 per cent in 2013, and 4 per cent in 2014 backed mainly by faster pace of growth in emerging economies like India. It added that some advance economies like the US, Sweden and Switzerland are on the mend. It sees a modest growth recovery of the US economy to about 2 per cent in 2013 and 3 per cent in 2014. This is mainly due to the improving house prices, credit growth and easing of bank lending conditions.

Source: The Business Standard
 

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Topics: C-Suite, #Updates

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