World Economic Outlook By IMF

• The analysis predicts that global economic growth will be half a percentage point lower than previously predicted.

• Growth will slow from 5.9 percent in 2021 to 4.4 percent in 2022. It will fall even lower in 2023, to 3.8 percent.

• According to the IMF, the reduction in global growth forecasts is primarily due to the IMF`s assessment of China`s and the United States` economic prospects.

• The removal of Joe Biden`s Build Back Better strategy from the baseline, early withdrawal of monetary support, and supply constraints resulted in a 1.2 percentage point downward revision for growth in 2022 in the United States.

• Disruptions caused by China`s zero-tolerance Covid policy, as well as persistent financial difficulties among property developers, resulted in a 0.8 percentage point downward revision.

• According to the IMF, India will grow at a rate of 9% in 2021-2022. The IMF estimates India`s growth prospects for the year ending October 2021 to be 9.5 percent.

• According to the IMF, India`s GDP will grow at a rate of 9% in 2022-23. Growth will be 8.5 percent in 2022-23 and 7.1 percent in 2023-24, according to the October forecast.

• The prospects for India in 2023 are predicted based on expected increases in credit growth. Furthermore, the improved performance of the financial sector is increasing investment and consumption.

• The World Bank recently predicted that global growth would slow, with the rate remaining at 4.1 percent in 2022.

• Governments have reimposed mobility restrictions in response to the introduction of the Omicron Covid-19 strain, according to the IMF.

• Rising energy prices and supply disruptions in the United States and other developing countries and emerging markets have resulted in much higher and more widespread inflation than predicted.

• Economic forecasts have been hampered by China`s ongoing real estate contraction, as well as a delayed rebound in private spending.

Economy Current Affairs January 4th Week 2022