Mumbai, June 12: The International Monetary Fund (IMF), in its World Economic Outlook report, has predicted that India would outshine major economies like China and the United States in terms of GDP growth in the financial year 2023-24. The Indian economy or India's GDP is expected to increase by 5.9 percent in the current fiscal year, according to the IMF World Economic Outlook report.

Among major countries, India's economic growth is expected to outpace that of China, the United States, the UK, France, Germany, Saudi Arabia and Canada. On the World's GDP Forecast 2023 list of major countries, India has been ranked first with 5.9 percent expected growth. UN Praises India; Says Country Remains Bright Spot, Economy Expected To Grow 6.7% in 2024.

World's GDP Growth Forecast 2023

India 

The Indian economy is expected to increase by 5.9% in the current fiscal year, making it the fastest-growing economy among major economies in the world. India's headline retail inflation is anticipated to decline, from 6.7% in the previous year to 4.9% in 2023–24, according to the IMF's biannual report. This is a blatant example of India's strength in the economy and its constant will to conquer any challenge. Most Profitable Companies in India in FY 2022-23: From Reliance To SBI and TCS, List of Companies That Recorded Highest Profit in Financial Year 2022-23.

World GDP Growth Forecast for 2023-24:

China 

The IMF kept its GDP prediction for China at 5.2% for this year, noting that the country's openness had heightened expectations for "positive spillovers" to the rest of the globe. "As Covid-19 waves subsided in January of this year, mobility normalised, and high-frequency economic indicators, such as retail sales and travel bookings, started picking up", the report read.

Indonesia 

Despite anticipating considerably lower growth rates for the global economy due to ongoing economic uncertainties and geopolitical tensions, the IMF has upgraded its prognosis for Indonesia's economy. According to the World Economic Outlook report from April, which was 0.2 percentage points more up-to-date than the study from January, Indonesia's GDP growth will reach a rate of 5% in 2023. The figure also places Indonesia nearly on a level with China's growth forecast.

Saudi Arabia 

Due to decreasing oil revenues, the IMF predicted that Saudi Arabia's budget balance will shift to a deficit in 2023. It did not give a revised estimate for its expected deficit, but it has maintained its estimate of the Gulf nation's GDP for this year at 3.1.

Turkey 

IMF raised its economic growth forecast for Türkiye to 3 per cent for this year. The international agency has further raised its economic growth forecast to 3.6% for next year.

Mexico 

The monetary fund adjusted Mexico's GDP to 1.8 per cent for the ongoing year 2023. However, if reports are to be believed, the forecast for the upcoming year remains unchanged, i.e. 1.6%.

United States 

In 2023, the American economy is projected to expand by 1.6 percent, which is 0.2 percentage points more than the IMF's earlier prediction. Next year, US GDP is forecast to fall to 1.1%, up 0.1 percentage points from this January.

Spain 

The International Monetary Fund predicts that Spain's economic growth would decrease in 2023 due to rising costs and waning demand before recovering to pre-pandemic levels in 2024. In the upcoming quarters, growth is anticipated to be poor due to weak demand and a crisis in the cost of living that has caused consumer confidence to plummet.

Canada 

Canada is expected to expand by 1.5% in 2023. The expected Real GDP (Gross Domestic Product) growth for Canada over the next two years is just slightly behind that of the United States (in 2023) and Spain (in 2024).

Japan 

The international agency has put the island nation at 1.3% this year. In February, Japan's headline inflation hit its highest level in four decades as the country's economic recovery progressed under the influence of favourable monetary and fiscal policies and a boom in tourism.

Brazil 

Brazil's economic growth is expected to slow this year, but it is expected to pick up in the years to come, according to the IMF. According to the IMF, growth will slacken to 0.9% this year.

Russia 

The international organisation recently predicted that Russia will see 0.3% growth and avoid a recession in 2023. The GPD growth for the nation has been forecast to stay at 0.7%.

France 

IMF has predicted the GPD growth of France to remain at 0.7% this year. After the pandemic's successful economic recovery, France experienced an energy shock brought on by Russia's invasion of Ukraine.

Italy 

Italy's GDP is anticipated to stay at 0.7% despite robust growth in economic activity and employment last year due to the government's expert control of gas supply.

Germany 

Due to aggressive policy responses and a mild winter, the German economy has showed resilience over the last year, although economic growth will stay at -0.1%.

United Kingdom 

The IMF no longer anticipates that the British economy will enter a recession this year, even though its GDP will remain at -0.3%.

(The above story first appeared on LatestLY on Jun 13, 2023 06:45 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).