World GDP Growth Forecast: In its World Economic Outlook report, the International Monetary Fund (IMF) predicted that India would outperform large economies like China and the United States in terms of GDP growth in the fiscal year 2023–24. The IMF World Economic Outlook study predicts that India’s economy, or GDP, would grow by 5.9 percent in the current fiscal year.
Leading the Global Growth Race with Strong GDP Forecasts
India’s economic growth is anticipated to surpass that of China, the United States, the United Kingdom, France, Germany, Saudi Arabia, and Canada among large nations. India is rated first among the major nations on the list of the global GDP forecast for 2023, with growth of 5.9 percent anticipated. The Indian economy is anticipated to grow by 5.9% in the current fiscal year, making it the biggest economy in the world with the quickest rate of growth. According to the IMF’s biannual report, India’s headline retail inflation is expected to drop from 6.7% in the previous year to 4.9% in 2023–24. This is a clear illustration of India’s economic strength and its unwavering determination to overcome any obstacle.
China
The IMF maintained its GDP forecast for China at 5.2% for this year while adding that expectations for “positive spillovers” to the rest of the world have increased due to the country’s openness. The paper stated that once Covid-19 waves decreased in January of this year, mobility returned to normal and high-frequency economic indicators, such retail sales and travel bookings, began to increase.
Indonesia
The IMF has improved its outlook for Indonesia’s economy even though it predicts noticeably slower growth rates for the global economy due to persistent economic uncertainty and geopolitical concerns. Indonesia’s GDP growth would reach a rate of 5% in 2023, according to the World Economic Outlook research from April, which was 0.2 percentage points more recent than the study from January. The result also puts Indonesia’s growth projection almost on par with China’s.
Saudi Arabia
Saudi Arabia’s budget balance is expected to change to a deficit in 2023 as a result of declining oil income, according to the IMF. It did not provide a new estimate for its anticipated deficit, but it did not change its forecast of the Gulf country’s GDP for this year, which remained at 3.0.
Turkey
The IMF increased its estimate of Turkey’s GDP growth to 3% for this year. The international organisation has increased its estimate of global economic growth to 3.6% for the next year.
Mexico
Mexico’s GDP was revised by the monetary fund to 1.8% for the current year 2023. According to sources, the prediction for the coming year remains at 1.6%, nevertheless.
The United States
The United States economy is anticipated to grow by 1.6 percent in 2023, which is 0.2 percentage points greater than the IMF’s earlier forecast. The US GDP is anticipated to decline to 1.1% in 2019, an increase of 0.1 percentage points from this January.
Spain
According to the International Monetary Fund, Spain’s economic growth will slow in 2023 as a result of rising costs and weakening demand before peaking in 2024. Due to sluggish demand and a crisis in the cost of living that has lowered consumer confidence, growth in the following quarters is predicted to be subpar.
Canada
In 2023, Canada is predicted to grow by 1.5%. Canada’s Real GDP (Gross Domestic Product) growth forecast for the following two years is just somewhat lower than that of Spain (2024) and the United States (2023).
Japan
The island nation’s annual growth rate is 1.3%, according to the international agency. The headline inflation rate in Japan reached its highest level in four decades in February as the nation’s economic recovery advanced thanks to favourable monetary and fiscal policies as well as a surge in tourism.
Brazil
According to the IMF, Brazil’s economic development is anticipated to decelerate this year but to perk up in the following years. The IMF predicts that growth will slow this year to 0.9%.
Russia
Russia will increase by 0.3% in 2023, according to a recent forecast from the international body, avoiding a recession. Forecasts predict that the country’s GPD growth will remain at 0.7%.
France
France’s GPD growth is expected to stay around 0.7% this year, according to the IMF. France endured an energy shock as a result of Russia’s invasion of Ukraine after the pandemic’s successful economic recovery.
Italy
Despite strong increase in economic activity and employment last year due to the government’s adept control of the gas supply, Italy’s GDP is predicted to remain at 0.7%.
Germany
The German economy has shown resilient over the past year because to vigorous policy responses and a mild winter, even though GDP growth will remain at -0.1%.
United Kingdom
Despite the fact that the British economy’s GDP will stay negative at 0.3%, the IMF no longer believes that the country will experience a recession this year.
Must Read: Controversial Social Media Post Fallout! Shubman Gill Faces Massive 115% Fine in WTC Final
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
