New Delhi: India is a global bright spot, a powerhouse of growth and innovation because of strength and skills of our people, Prime Minister Narendra Modi said on the growth forecast of International Monetary Fund (IMF).
On October 10, International Monetary Fund (IMF) posted on X about Growth Forecast of the year 2024.
IMF posted in threads on X:
"IMF Growth Forecast: 2024
USA🇺🇸: 1.5%
Germany🇩🇪: 0.9%
France🇫🇷: 1.3%
Italy🇮🇹: 0.7%
Spain🇪🇸: 1.7%
Japan🇯🇵: 1.0%
Canada🇨🇦: 1.6%
China🇨🇳: 4.2%
India🇮🇳: 6.3%
Russia🇷🇺: 1.1%
Brazil🇧🇷: 1.5%
Mexico🇲🇽: 2.1%
Morocco🇲🇦: 3.6%
KSA🇸🇦: 4.0%
Nigeria🇳🇬: 3.1%
RSA🇿🇦: 1.8%
"The likelihood of a “soft landing,” with inflation coming down without a major economic downturn, has increased, but global growth forecast is at its lowest in decades, says @pogourinchas in his #WEO blog. bit.ly/3PPpm2H"
"Headline inflation continues to decelerate, from 9.2% in 2022 to 5.9% in 2023 and 4.8% in 2024, but most countries aren’t likely to return inflation to target until 2025. Read @pogourinchas blog on the latest #WEO. bit.ly/3PPpm2H"
International Monetary Fund (IMF) said: "The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent. Advanced economies are expected to slow from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as policy tightening starts to bite. Emerging market and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024. Global inflation is forecast to decline steadily, from 8.7 percent in 2022 to 6.9 percent in 2023 and 5.8 percent in 2024, due to tighter monetary policy aided by lower international commodity prices. Core inflation is generally projected to decline more gradually, and inflation is not expected to return to target until 2025 in most cases. Monetary policy actions and frameworks are key at the current juncture to keep inflation expectations anchored. Chapter 2 documents recent trends in inflation expectations at near- and medium-term horizons and across agents. It emphasizes the complementary role of monetary policy frameworks, including communication strategies, in helping achieve disinflation at a lower cost to output through managing agents’ inflation expectations. Given increasing concerns about geoeconomic fragmentation, Chapter 3 assesses how disruptions to global trade in commodities can affect commodity prices, economic activity, and the green energy transition."
Prime Minister Narendra Modi has also reiterated commitment that we will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory.
Responding to the X threads of IMF, Prime Minister Narendra Modi said;
“Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory.”
