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The International Monetary Fund
(IMF) cuts GDP growth estimate for
2016-17 to 6.6% from its estimate of 7.6% due to demonetisation of high value
currency notes. And the China's GDP growth estimate was raised for 2016-17 to
6.7% from its estimate of 6.5%. If the estimates are perceive then India risks
losing the 'fastest growing major economy' tag. IMF estimates the economy to
recover and grow by 7.2% in 2017-18, inert slower than the earlier forecast of
7.6%. In 2018-19, it’s estimates the Indian economy to grow by 7.7%.
Earlier in this month, the World Bank
cuts the country's economic growth projection to 7% for 2016-17 from its
previous estimate of 7.6%. Reserve Bank of India (RBI) has also lowered its GDP
growth estimate for the current fiscal year to 7.1% from 7.6%. The Central
Statistics Office estimates the economy to growth by
7.1% in 2016-17, lower than the previous estimate of 7.6%, this estimate
does not consider the impact of demonetisation. Global growth for 2016 is now projected at 3.1%, in line with October 2016 estimate. Advanced economies are now projected to grow by 1.9%
in 2017 and 2% in 2018, 0.1 and 0.2% points more respectively
compared to the October estimate.
