Although India has not been immune to the slowdown in global economic development, it is doing better when compared to other nations, as per the International Monetary Fund (IMF). The main issue, according to Krishna Srinivasan, director of the Asia and Pacific Department at the IMF, is the current global environment where the GDP is “slowing across many parts of the world even as inflation is rising”.
“We expect countries accounting for 1/3 of the global economy to go into a recession this year or the next. And inflation is rampant. So that is the overarching story,” stated Srinivasan in an interview with PTI.
“Almost every country is slowing. In that context, India is doing better and is in a relative bright spot compared to the other countries in the region,” he added.
In its World Economic Outlook published on Tuesday, the IMF predicted that India’s growth rate will be 6.8 percent in 2022, down from 8.7 percent…
