WASHINGTON: According to the International Monetary Fund (IMF), India's growth rate is likely to drop during 2019 and 2020. The IMF has reduced growth projection slashed 0.3-0.3 percent for both years. This shows a weaker outlook than expected by domestic demand. According to the IMF's latest projection, India's growth rate will be 7 percent in 2019 and 7.2 percent in 2020. The Financial institution of Washington, however, has said that India will continue to be the world's fastest-growing major economy and will be far ahead of China.
The IMF said it had cut India's growth projection for both the years by 0.3-0.3 percent. The IMF said in its 'global economic outlook' update that the growth rate of the Indian economy will be 7 percent in 2019 and will rise to 7.2 percent in 2020. This is due to the weaker domestic demand scenario than expected.
The IMF said the negative impact of tariff growth in China and weak external demand would further increase the pressure on the economy already suffering structural sluggishness. China will need regulatory firmness to reduce excessive dependence on debt. The IMF said China's growth rate is projected to be 6.2 percent in 2019 and 6 percent in 2020 due to policy support.
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