World Economic Outlook 2022
Source : Live Mint
GS III : Economy
What is discussed under World Economic Outlook 2022?
- India’s economic growth forecast
- About the Report
Why in News ?
International Monetary Fund (IMF) released the latest edition of World Economic Outlook 2022.
Key Facts
Global Forecast
- Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.
- The global growth is expected to slow further in 2023.
- Global inflation is forecast to rise from 4.7% in 2021 to 8.8% in 2022.
- More energy and food price shocks might cause inflation to persist for longer while.
- China’s growth is estimated to slow to 3.2% in 2022 and by 4.4% in 2023.
- 19th largest economy, Saudi Arabia, is now estimated to grow faster than India at 7.6% in 2022 and by 3.7% in 2023.
India’s economic growth forecast
- Sharply lowered India’s economic growth forecast to 6.8%.
- India will remain one of the fastest growing key economies in the world in 2022 and 2023.
- India’s retail inflation has been hovering at record levels of 7%
World Bank last week lowered India’s growth forecast to 6.5% for 2022-23, while the Asian Development Bank and the Reserve Bank of India cut the projection to 7%.
About the report
- It is a survey by the IMF that is usually published twice a year in the months of April and October.
- Analyzes and predicts global economic developments during the near and medium term.
International Monetary Fund (IMF)
- IMF, was conceived at a UN conference in Bretton Woods in July 1944.
- The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.
- With the membership of 189 countries, the Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.
- Unlike development banks, the IMF does not lend for specific projects.
- Gold remains an important asset in the reserve holdings of several countries, and the IMF is still one of the world‘s largest official holders of gold.
Reports by IMF
- Global Financial Stability Report
- World Economic Outlook
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