Home News Reports IMF report pegs India to be the fastest growing major economy in 2018 with a 7.4% growth rate

IMF report pegs India to be the fastest growing major economy in 2018 with a 7.4% growth rate

The International Monetary Fund has confirmed that India will be the fastest-growing major economy by 2018, with a growth of 7.4 this year that rises to 7.8 in 2019 with medium-term prospects remaining positive. The IMF’s Asia and Pacific Regional Report said that India was recovering from the effects of demonetization and the introduction of the Goods and Services Tax.

IMF went on to say, “the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption.” Medium-term consumer price index inflation “is forecast to remain within but closer to the upper bound of the Reserve Bank of India’s inflation-targeting band of four percent with a plus or minus two percent change, the report said.

Medium-term consumer price index inflation “is forecast to remain within but closer to the upper bound of the Reserve Bank of India’s inflation-targeting band of four percent with a plus or minus two percent change, the report said. It said the consumer price increase in 2017 was 3.6 percent and projected it to be five percent in 2018 and 2019.

- Advertisement - - article resumes -

“The current account deficit in the fiscal year 2017-18 is expected to widen somewhat but should remain modest, financed by robust foreign direct investment inflows,” the report said. However, it added a note of caution: “In India, given increased inflation pressure, monetary policy should maintain a tightening bias.”

IMF in its report said that Bangladesh is the fastest growing economy in South Asia after India with a projected growth rate of 7 in 2018 and 2019; Sri Lanka is projected to grow at four percent in 2018 and 4.5 in 2019, and Nepal five percent in 2018 and four percent in 2019. Overall, the report said that Asia continues to be both the fastest-growing region in the world and the main engine of the world’s economy.

The report said that US President Donald Trump’s fiscal stimulus is expected to support Asia’s exports and investment. However, in the medium term the report said that “downside risks dominate” for the region and these include a tightening of global financial conditions, a shift toward protectionist policies, and an increase in geopolitical tensions.

“While mobile payments are expanding sharply in such economies as Bangladesh, India, and the Philippines, on average Asia is lagging sub-Saharan Africa,” the IMF said, adding that the region should take steps to ensure it is able to reap the full benefits of increasing digitization in the global economy.

This is not the first time an International forum has lauded India and the growth trajectory under Prime Minister Modi’s leadership. Recently, Moody’s had backed Modi and upgraded India’s sovereign rating for the first time in 14 years. The World Bank had also projected a solid growth trajectory under Modi’s reign. India has also jumped 30 places in Ease of Doing Business ranking and the opposition was surprisingly not happy about it. Recently, Michael Dell had spoken of how he was inspired by India and Bill Gates had lauded Modi’s Aadhaar scheme and said that he has funded the World Bank to take the Aadhaar approach to other countries.

With IMF too chiming in again, the fear-mongering about the Economy’s downward trajectory seems to have been comprehensively dismissed.

Help Us Reach Every Indian, Please Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Advertisement

Big Story

The Kolkata police finally swung into action and arrested seven men: Sheik Rahit, Fardin Khan, Sk. Sabir Ali, Sk. Gani, Sk. Imran Ali, Sk. Wasim and Atif Khan, for allegedly harassing the complainant.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Anjana Om Kashyap heckles doctors and nurses in Bihar hospital

What you did in that ICU is not journalism, Anjana Om Kashyap, it is insensitive, creating a nuisance and endangering lives

A video came to light earlier where Anjana Om Kashyap, a senior journalist from the India Today group was seen heckling and questioning a doctor inside the ICU over the outbreak of Encephalitis in Bihar

After threatening Jesus to choose between her and Rakhi Sawant, Tanushree Dutta questions Modi’s ‘Ram Rajya’

The Mumbai police have recently filed a B Summary report, giving a clean chit to Bollywood actor Nana Patekar, in connection with actor Tanushree Dutta sexual harassment case

Rapper Hard Kaur goes mental on social media: Blames RSS Chief for terror attacks, calls Yogi ‘OrangeRapeMan’

Taran Kaur Dhillon, more popularly known by her stage name Hard Kaur, appears to have fallen over the edge.
Gujarat: Past karma will haunt Congress in fascinating Rajya Sabha bypoll irony

Gujarat: Past karma will haunt Congress in fascinating Rajya Sabha bypoll irony

The bypolls for the 2 vacant Rajya Sabha seats from Gujarat are going to be held shortly. The Congress has moved the SC, but given the clear precedents, it is quite clear that they have no chance of winning in court.
Read OpIndia.com's response to the defamation notice served by Swati Chaturvedi

That you have lost readership and your peers doubt you, is not our problem: Read our response to Swati Chaturvedi’s defamation notice

Recently, OpIndia.com got a legal notice from abusive media troll Swati Chaturvedi. At the onset, we would like to reiterate that such intimidatory tactics won't work with OpIndia.

As Swati Chaturvedi mourns the loss of her imaginary credibility, her past faff pieces come to haunt her

Even though she wants to put the blame on us, we can't possibly be held responsible if Swati Chaturvedi's peers doubt her 'credibility'.

On press freedom day, meet the ‘fearless’ journalist who interviewed Rahul Gandhi and said ‘Rafale has entered people’s blood’

Now, as if the India Today interview fiasco wasn't bad enough, another pliant journalist has got the "once in a lifetime" opportunity to interview Rahul Gandhi.

Man masturbates on woman and abuses before running away: See Kejriwal? Free rides won’t guarantee safety

The daily harassment women face while commuting in the Delhi metro just shows how 'free metro ride' does not ensure safety.
Image Source: Zee News

Even as Indian liberals and peaceniks hail ‘peaceful’ Pakistanis, abuse pours in against Sania Mirza post world cup defeat

After motormouths like Veena Malik dragged Sania Mirza into an unwarranted controversy, it was time for other eminent intellectuals of Pakistan to share their blame on Sania Mirza.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

170,810FansLike
149,625FollowersFollow
69,817SubscribersSubscribe
Help Us Reach Every Indian, Please Share This Post