IMF releases World Economic Outlook (WEO)
The International Monetary Fund (IMF) has recently released its biannual World Economic Outlook (WEO) update at the World Economic Forum (WEF-2019) in Davos. In it, IMF estimates India’s economic growth at 7.3% in 2018-19, 7.5% in 2019-20 and 7.7% in 2020-21. With the latest outlook, India will remain the fastest-growing economy in the world, at least for the next two years. The IMF report stated that India’s economy is poised to pick up in 2019, benefiting from low oil prices and a slower pace of monetary tightening than previously expected as inflation pressures ease. The latest growth projection by the IMF is a tad higher than the Central Statistics Office’s (CSO) estimate of 7.2%, but lower than the RBI’s estimate of 7.4%. But it is in line with the World Bank’s estimate of 7.3%.