India’s economic growth rate is estimated to be 5.9 percent during 2023Image Credit source: Representational Image
Big economies of the world like America, Britain and European Union are facing economic crisis. Whereas the economy of Asia is on the boom. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), says that during 2023, India alone will contribute 15 percent to the world’s economic growth.
IMF recently published ‘World Economic Outlook Report – A Rocky Recovery’. In this, during 2023, India’s economic growth rate has been estimated to be 5.9 percent. Although this is marginally less than the IMF’s forecast of 6.1 percent.
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India will be the ‘shining sun’
According to the IMF, in 2023, the countries of Asia and Pacific region will grow at the rate of 4.6 percent. Whereas in 2022 this growth rate was only 3.8 percent. Not only this, this entire region will contribute 70 percent in the economic growth of the world. At the same time, countries like India and China will account for more than half of the global growth.
IMF MD Kristalina has praised India’s economic progress. Digital India is rapidly bringing India up from the low level of the Kovid epidemic. At the same time, the government’s investment on capital expenditure is giving impetus to the continuous growth in the country.
According to Cristalina, India will remain the ‘shining sun’ of the global economy in the days to come. It alone will account for more than 15 percent of global growth. This year India’s economic growth rate will be high. While its growth rate is estimated to be 6.8 percent during the year ended in March.
India in the group from Japan to Germany
The IMF uses a macroeconomic model to monitor factors affecting the world economy. In this, the data of 8 big economies of the world is analyzed. These economies are America, Japan, Germany, Britain, France, China, India and Brazil.