IMF slashes India’s GDP forecast to 8.2% for FY23

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NEW DELHI: The International Monetary Fund (IMF) on Tuesday slashed India’s gross domestic product (GDP) forecast by 80 percentage points to 8.2 percent for the financial year 2022-23.
In its World Economic Outlook report for the month of April 2022, the IMF said the expectation of weaker domestic demand owing to higher oil prices will weigh on consumption.
“Notable downgrades to the 2022 forecast include Japan(0.9 percentage point) and India (0.8 percentage point), reflecting in part weaker domestic demand—as higher oil prices are expected to weigh on private consumption and investment—and a drag from lower net exports,” the report said.
Last week, the World Bank had cut India’s GDP forecast to 8 percent from 8.7 percent for FY23, citing the impacts of the Russia-Ukraine war.

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