IMF Cuts Domestic Growth Estimate By 0.2% On Weak Demand

The International Monetary Fund (IMF) has further cut its annual growth forecast for India in its latest World Economic Outlook update. It now estimates that the economy is likely to expand 7% in the year ending 31 March 2020, 0.3 percentage point slower than IMF's April projection. In April, the Fund cut India's growth outlook by 0.2 percentage point to 7.3%. Economic growth is expected to accelerate to 7.2% in the following yea though. The downward revision of 0.3 percentage point for both years reflects a weaker-than-expected outlook for domestic demand, IMF said.

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