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- The International Monetary Fund(IMF) has released the World Economic Outlook report.The report has projected a slower growth rate for India in 2019 and 2020.It has projected that Indian economy will grow at 7.0% in 2019 and 7.2% in 2020.
- The downward revision of 0.3 percentage point for both years reflects 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.
- IMF has said that the slowdown in growth in India was partly a reflection of the uncertainties associated with the just concluded general elections in India as well as tightening of borrowing conditions for small and medium enterprises.
- The IMF has also revised downward its growth projections for China as well as for the world to 6.2% and 3.2% respectively for 2019.
- IMF has said that the global growth is being affected by prolonged policy uncertainty as (a)trade tensions remain high despite the recent US-China trade truce (b)technology tensions have erupted threatening global technology supply chains and (c)the prospects of a no-deal Brexit have increased.
