The report said as some of the other economies in South and Western Asia may gain some benefits from fast growth of demand and prices of energy, they will be hampered by the adversities in primary commodity markets, especially food inflation, and will be further hit by inherent financial instabilities.
IMF's World Economic Outlook (WEO) Update released in Washington said that India's gross domestic product (GDP) is projected to again increase next fiscal by another 9 per cent, before moderating to 7.1 per cent in 2023-24.
The real GDP is the inflation-adjusted figure of all the finished goods and services produced in a country within a specific time period.
The Covid-induced volatility heavily dented India's economy in the last fiscal as its growth rate plunged (-) 7.3 per cent in FY 2020-21.
Bhubaneswar: Like the ‘Great Recession’, also referred as 2008 recession, that saw the GDP growth falling like nine pins world over, including India, this time the big contagious virus, also known as COVID pandemic, it appears, will make the world economy fall like dominos this time. The quarterly estimates of GDP for the Fiscal Year […]