The IMF on Tuesday, slightly trimmed India’s growth projections to 7.4 per cent for 2016 and 2017, a drop of 0.1 per cent from its previous forecast, attributing it to a more sluggish investment recov
The IMF on Tuesday, slightly trimmed India’s growth projections to 7.4 per cent for 2016 and 2017, a drop of 0.1 per cent from its previous forecast, attributing it to a more sluggish investment recovery while declaring Brexit as a “spanner” in the global economic recovery.
The global lending agency also said that Brexit has resulted in global economic uncertainty. “The outcome of the UK vote, which surprised global financial markets, implies the materialisation of an important downside risk for the world economy. As a result, the global outlook for 2016-17 has worsened, despite the better-than- expected performance in early 2016,” the IMF said in its latest update if the World Economic Outlook.
Updating its growth projection from the one it issued in April 2017, the IMF said India is projected to grow at a rate of 7.4 per cent. This it said is a drop of 0.1 per cent in both the years. In India, economic activity remains buoyant, but the growth forecast for 2016-17 was trimmed slightly,” the IMF said.
