Q. What is the India's GDP growth forecast for FY 18, according to IMF’s latest report ‘Regional Economic Outlook (REO) for Asia and Pacific’?
Answer: 7.2%
Notes: As per latest report “Regional Economic Outlook (REO) for Asia and Pacific” by International Monetary Fund (IMF), India's GDP growth is projected to rebound to 7.2% in the FY18 (2017 18) and 7.7% in FY19 (2018-19) after disruptions caused by demonetization. IMF has recommended the removal of long-standing structural bottlenecks to enhance market efficiency. It said temporary disruptions caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease. Such disruptions would also be offset by tailwinds from a favorable monsoon season and continued progress in resolving supply-side bottlenecks. The IMF maintains a positive outlook on the Indian economic growth and is confident that the Goods and Services Tax (GST) implementation will be smooth. According to the report, growth in Asia is forecast to accelerate to 5.5% in 2017 from 5.3% in 2016.
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