{"id":150710,"date":"2024-05-10T09:45:02","date_gmt":"2024-05-10T04:15:02","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=150710"},"modified":"2024-05-09T21:18:46","modified_gmt":"2024-05-09T15:48:46","slug":"know-about-the-world-economic-outlook-2024","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/india\/know-about-the-world-economic-outlook-2024","title":{"rendered":"Know About The World Economic Outlook 2024"},"content":{"rendered":"

With a growing working-age population and strong domestic demand, the International Monetary Fund (IMF) recently revised upward\u00a0<\/span>India’s<\/span>\u00a0growth prediction to 6.8% for 2024 in the April edition of the 2024 World Economic Outlook Report.<\/span><\/p>\n

India’s<\/span>\u00a0Growth Projection\u00a0<\/span><\/strong><\/h2>\n
    \n
  • The Indian economy\u00a0<\/span>is expected<\/span>\u00a0to increase by 6.8% in 2024, according to the\u00a0<\/span>IMF’s<\/span>\u00a0revised forecast, which was 6.5% in January.<\/span><\/li>\n
  • Continued economic Momentum: A growing working-age population and solid domestic demand fuel\u00a0<\/span>India’s<\/span>\u00a0continued high economic trajectory.<\/span><\/li>\n
  • In contrast to China, which\u00a0<\/span>is expected<\/span>\u00a0to grow at a rate of 4.6% during the same period, India is growing faster.<\/span><\/li>\n
  • Estimates for inflation were 4.6% for this year and 4.2% for 2025.<\/span><\/li>\n<\/ul>\n

    Global Trend<\/span><\/strong><\/h2>\n
      \n
    • Emerging and Developing Asia: Growth in this region\u00a0<\/span>is predicted<\/span>\u00a0to moderately increase from prior projections, falling from 5.6% in 2023 to 5.2% in 2024 and 4.9% in 2025.<\/span><\/li>\n
    • China\u2019s<\/span>\u00a0Slowdown: Due to factors like weakening post-pandemic demand and problems in the real estate industry,\u00a0<\/span>China\u2019s<\/span>\u00a0growth\u00a0<\/span>is predicted<\/span>\u00a0to decline from 5.2% in 2023 to 4.6% in 2024 and 4.1% in 2025.<\/span><\/li>\n<\/ul>\n

      About IMF<\/span><\/strong><\/h2>\n
        \n
      • In the wake of the Bretton Woods Agreement, the IMF\u00a0<\/span>was founded<\/span>\u00a0in 1944.<\/span><\/li>\n
      • Primary objective: International economic coordination is needed to prevent competing currencies from devaluing and to boost exports.<\/span><\/li>\n
      • In due course, it became a lender of last resort for governments facing serious currency difficulties.<\/span><\/li>\n
      • Membership: 190 nations make up its membership.<\/span><\/li>\n
      • It\u00a0<\/span>is headquartered<\/span>\u00a0in Washington, D.C.<\/span><\/li>\n
      • Functions:<\/span>\n
          \n
        • The IMF encourages international cooperation and global monetary stability to avert financial crises.<\/span><\/li>\n
        • Financial assistance is provided, frequently with requirements to enhance the\u00a0<\/span>members’<\/span>\u00a0economic well-being, in the form of loans and other financial support.<\/span><\/li>\n
        • The IMF guides policies to promote stability and growth while examining economic changes.<\/span><\/li>\n
        • Technical support: It offers knowledge and instruction in financial regulation and monetary and fiscal policy.<\/span><\/li>\n
        • Analyses and Research: The IM examines various economic topics, such as the fight against poverty and worldwide economic trends.<\/span><\/li>\n<\/ul>\n<\/li>\n
        • IMF reports<\/span>\n
            \n
          • Global Financial Stability Report.<\/span><\/li>\n
          • Global Economic Outlook.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

            Key Highlights<\/span><\/strong><\/h2>\n
              \n
            • Forecast from the Reserve Bank of India: The RBI has projected a 7% growth rate for FY24, while the\u00a0<\/span>IMF’s<\/span>\u00a0forecast is less than that.<\/span><\/li>\n
            • FY25 Projection: The IMF also increased its earlier 6.1% growth prediction for FY25 to 6.5%.<\/span><\/li>\n
            • IMF’s<\/span>\u00a0Medium-Term GDP Growth Revision: The current PLFS report indicates that robust public investment, positive labour market outcomes, and model modifications have led to the IMF revising\u00a0<\/span>India’s<\/span>\u00a0medium-term (potential) GDP growth to 6.5%.<\/span><\/li>\n
            • It\u00a0<\/span>is anticipated<\/span>\u00a0that by 2027\u20132028,\u00a0<\/span>India’s<\/span>\u00a0GDP will have grown to $5 trillion, making it the\u00a0<\/span>world’s<\/span>\u00a0third largest.<\/span><\/li>\n
            • Despite rising pressures, tighter regulations, and volatile markets, the IMF has revised its global growth prediction for 2023 to 3.1%, more substantial than it had previously predicted.<\/span><\/li>\n
            • According to the IMF, the US economy will increase by 2.1% in 2024, more than the previous estimate.<\/span><\/li>\n<\/ul>\n

              Outlook for the Global Economy<\/span><\/strong><\/h3>\n
                \n
              • Steady Growth: It\u00a0<\/span>is anticipated<\/span>\u00a0that global growth, which\u00a0<\/span>was forecast<\/span>\u00a0to be 3.2% in 2023, will maintain its current rate in 2024 and 2025.<\/span><\/li>\n
              • Resilience among Difficulties: The world economy has demonstrated resilience, with sustained growth and falling inflation, despite difficulties, including supply chain interruptions and the conflict between Russia and Ukraine.<\/span><\/li>\n
              • Prioritising Economic Resilience:\u00a0<\/span>To improve economic resilience<\/span>, policymakers\u00a0<\/span>are advised<\/span>\u00a0to concentrate on bolstering public finances and reviving chances for economic growth.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                With a growing working-age population and strong domestic demand, the International Monetary Fund (IMF) recently revised upward\u00a0India’s\u00a0growth prediction to 6.8% for 2024 in the April edition of the 2024 World Economic Outlook Report. India’s\u00a0Growth Projection\u00a0 The Indian economy\u00a0is expected\u00a0to increase by 6.8% in 2024, according to the\u00a0IMF’s\u00a0revised forecast, which was 6.5% in January. Continued economic […]<\/p>\n","protected":false},"author":21855,"featured_media":150848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12420,12266,11315,12275,12198,12249,12192],"tags":[],"class_list":{"0":"post-150710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-facts","9":"category-india","10":"category-knowledge","11":"category-trending","12":"category-world","13":"category-world-afairs"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/150710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21855"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=150710"}],"version-history":[{"count":2,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/150710\/revisions"}],"predecessor-version":[{"id":150784,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/150710\/revisions\/150784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/150848"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=150710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=150710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=150710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}