India’s 2013 GDP seen at 5.9%, global growth to pick up: IMF
The IMF follows a calendar year while India reports its growth rate for the fiscal year ending March. Global growth is projected to average 3.5% in 2013, a moderate uptick from 3.2% in 2012, but 0.1 percentage point lower than that projected in the October 2012 WEO.
A further strengthening to 4.1% is projected for 2014, assuming recovery takes a firm hold in the euro area economy.
Growth in emerging markets and developing economies has been pegged at 5.5% in 2013. IMF said acute financial crisis risks are now somewhat lower, but renewed setbacks in the euro area and the risk of excessive near-term fiscal consolidation in the US could derail global growth. “If crisis risks do not materialise and financial conditions continue to improve, global growth could be stronger than projected,” the update said. Growth in the US is forecast to average 2% in 2013, rising above trend in the second half of the year. The near-term outlook for the euro area has been revised downwards, even though a strengthened EU-wide policy response to the crisis
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