The International Monetary Fund (IMF) projected that India and China would contribute half of the global growth this year, compared to just a tenth for the United States and eurozone combined.
The Indian economy is expected to grow 6.1 percent this year, down from 6.8 percent in 2022, before it rebounds to 6.8 percent in 2024, according to the World Economic Outlook released on Jan. 31.
China’s economy is projected to grow from 3.2 percent in 2022 to 5.2 percent this year. But the growth may be shortlived, as the IMF predicts that China’s economy will decline to 4.5 percent in 2024.
“India remains a bright spot. Together with China, it will account for half of the global growth this year, versus just a tenth for the U.S. and euro-area combined,” IMF chief economist Pierre-Olivier Gourinchas stated in the IMF blog….