Updated By: LatestGKGS Desk
IMF: India To Be The Fastest-Growing Major Economy in 2018
IMF: India To Be The Fastest-Growing Major Economy in 2018- Details, Factors
The International Monetary Fund (IMF) restated on 9th May 2018 that India will be the fastest-growing major economy in 2018.
According to the IMF report, India with a growth rate of 7.4 % will rise to 7. 8 % in 2019 with medium-term prospects remaining positive.
The IMF's Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and the introduction of the Goods and Services Tax.
The IMF report proclaimed that the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption.
The IMF report stated that medium-term consumer price index inflation is forecasted to remain within but closer to the upper bound of the Reserve Bank of India's inflation-targeting band of 4% with a plus or minus 2% change.
The IMF report also stated, the consumer price increase in 2017 was 3.6 % and projected it to be 5 % in 2018 and 2019.
Overall, the IMF report stated that Asia continues to be both the fastest-growing region in the world and the main engine of the world's economy.
