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Investing.com -- The International Monetary Fund (IMF) warns that India’s economic growth, which has been leading the world, is facing difficulties due to geoeconomic fragmentation and slower domestic demand. The IMF suggests that India should implement crucial structural reforms to achieve its goal of becoming a developed country.
The IMF, in its Article IV country report released on Thursday, highlighted that intensification of regional conflicts, fluctuating commodity prices, weakened international cooperation, and cyber threats could significantly risk India’s economic growth. The Washington-based lender predicts India’s gross domestic product (GDP) will grow 6.5% for the current financial year and the next, but cautions that the economic outlook risks are leaning towards the downside.
The IMF report also pointed out potential domestic challenges. It indicated that if real incomes do not rebound, the recovery in private consumption and investment could be weaker than expected. Additionally, the report mentioned that unexpected weather changes could negatively affect agricultural output, leading to increased food prices and hampering recovery in rural consumption.
To maximize its growth potential, the IMF suggests that India should speed up the implementation of structural reforms, diversify and secure the supply of critical commodities, and refrain from introducing further trade restrictions. The Indian government, on the other hand, forecasts the country’s growth at 6.4% for the current year and between 6.3% and 6.8% for the next fiscal year.
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