India not affected by economic slowdown: IMF

Washington: India along with Indonesia showed strong growth despite a global economic slowdown in the final quarter of 2011, according to the International Monetary Fund (IMF).

IMF in its provisional report on Wednesday said the GDP growth of G-20, a grouping of leading economies of the world slowed to 0.7 per cent in the October-December quarter, compared with 0.9 per cent in the third quarter. In the US, GDP growth increased to 0.7 per cent in the fourth quarter, compared with 0.5 per cent in Q3.

"In India and Indonesia growth increased strongly, but slowed in China to 2 per cent, compared with 2.3 per cent in the third quarter," IMF said. In Japan, economic growth decreased to (-)0.2 per cent, following the strong rebound (+1.7 per cent) in Q3. "GDP fell by (-)0.3 per cent in both the European Union and the Euro area in the fourth quarter of 2011, the first fall since the second quarter of 2009," it said.

The G-20 nations, that account for over 80 per cent of the global output, has emerged as a strong grouping especially after the financial meltdown in 2008. Latest G-20 growth numbers have been published as part of Data Gaps Initiative, as agreed by G-20 Finance Ministers and Central Bank Governors.

The process is co-ordinated by the Inter Agency Group on Economic and Financial Statistics — International Monetary Fund, Bank for International Settlements, European Central Bank, Eurostat, OECD, United Nations and the World Bank.