India is forecasted to grow at 6.1% as reported by the International Monetary Fund (IMF) making it the fastest-growing economy in the world for 2023. The forecast for 2024 expects India to grow at 6.8% for 2024.
The report has lowered projections for global growth from 3.4% to 2.9% for 2023 and is expected to rise to 3.1% in 2024.
Growth for China is forecasted at 5.3% for 2023 after a slowdown to 4.3% in 2022.
Growth forecasts for the large economies of the world for 2023 are:
USA: 1.4%,
Germany: 0.1%,
France: 0.7%,
Italy: 0.6%,
Japan: 1.8%,
Russia: 0.3%,
Brazil: 1.2%.
Global Inflation is projected to decline to 6.6% in 2023 from 8.8% in 2022 and see a further decrease to 4.3% in 2024.
Growth in the ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, Thailand) is set to grow at 4.3% in 2023.
Growth in European countries is slower at a projected rate of 0.7% for 2023, struggling from the impacts of the energy crisis post the Ukraine-Russia war.
The War in Ukraine escalating, persisting inflation and debt distress are concerns for the economies of the world.
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