India will be the fastest growing economy in 2018: IMF
Washington D.C., October 13: India will be the fastest growing economy in 2018 despite a fugacious drop in 2017 said the International Monetary Fund (IMF). India’s growth rate for the current fiscal year is 6.7 percent as compared to China’s 6.8 percent.
According to the IMF, India’s economic growth in 2016 was 7.1 percent as compared to China’s 6.7 percent while the world average in the previous year was 3.2 percent against 3.6 percent in a current year. On the other hand, IMF has also forecasted the growth of India for 2018. The growth projection by IMF shows that India’s growth rate in 2018 will be 7.4 percent as compared to China’s 6.5 percent where the world average will be 3.7 percent.
In a given statement IMF has said that India is expected to regain the fastest –growing major economy tag in 2018 with 7.4%, higher than China’s 6.5%. GST promises the unification of India’s vast domestic market and is expected to help push growth above 8% in the medium term.
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of 189 countries to promote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties. Formed on 7th July 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes.