IMF lowers global growth projections, partly blames India's economic slowdown. Aviation industry sees weakest festive quarter in six years.
Bleeding Red: The IMF has lowered global growth projections, partly blaming India's economic slowdown for the same.
India's GDP growth forecast was lowered to 4.8% for the present fiscal, 1.3 percentage points (pps) lower than the IMF's earlier projection. Numbers for next year were also lowered by 1.2 pps to 5.8% while in 2021-22 the economy is projected to grow at 6.5% - again, lower by 0.9 pps.
World growth projections were similarly lowered to 1.9% for the current fiscal, (0.1 pps lower) and 3.3% for the current calendar year (again 0.1 pps lower). For 2022, the number was 3.4% (0.2 pps below previous estimates).
For the revised projections, the IMF partly blamed the slowdown in India. “The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years,” it said. BS
Air-Plain: India's aviation industry usually sees strong business during the Diwali festival quarter given that many Indians travel back home during this period. But a slowing economy has meant that fewer Indians are opting for air travel. This has led to air passenger growth during the festive period rising at the slowest pace in six years. More details here.
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.