The International Monetary Fund (IMF) has revised its growth projections in support of Bharat, with the prediction of a robust growth rate of 6.8% for the year 2024. This marks an increase from the previous estimate of 6.5%. Bharat continues to hold the title of the fastest-growing economy among emerging markets and developing economies.
For 2025, the IMF has maintained Bharat’s growth rate at 6.5%. The IMF attributes this positive outlook to the strength of domestic demand and the increasing working-age population in Bharat.
India set to remain fastest growing among major economies in 2024, IMF projects
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Youthful Population Key to Bharat’s Growth
The IMF’s latest World Economic Outlook report highlights the significance of Bharat’s youthful population in driving economic growth. With a large number of young people entering the workforce, Bharat is poised to contribute significantly to the global workforce.
The report indicates that nearly two-thirds of new entrants into the global workforce over the medium term will come from Bharat and sub-Saharan Africa.
Emerging Markets Lead Global Growth
Over the past two decades, emerging markets, including Bharat, have consistently outperformed advanced economies in terms of economic growth. The IMF emphasizes the integration of emerging markets into the global economy, particularly through trade and global value chains.
Countries such as Argentina, Brazil, China, Bharat, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, and Turkey, collectively known as G20 emerging markets, have witnessed significant growth and economic integration.
Bharat’s Strong Economic Performance
Official data from Bharat reveals impressive economic growth, with a staggering 8.4% growth rate recorded during the October-December quarter of the financial year 2023-24. This continues Bharat’s streak as the fastest-growing major economy.
The growth rates for the preceding two quarters stood at 7.8% and 7.6% respectively. In the previous financial years, Bharat’s economy grew by 7.2% in 2022-23 and 8.7% in 2021-22.
Despite numerous challenges, the IMF projects global growth to reach 3.2% in both 2024 and 2025. The global economy has shown resilience, with growth holding steady despite disruptions caused by the COVID-19 pandemic and other global events.
The IMF notes that while there have been supply-chain disruptions, a global energy and food crisis triggered by the war in Ukraine, and a surge in inflation, the world has managed to avoid a recession. The banking system has proven largely resilient, and major emerging market economies have not experienced sudden stops in economic activity.
The latest report by IMF paints a positive picture of Bharat’s economic prospects, with strong growth expected in the coming years. Despite global challenges, Bharat’s demographic dividend and robust domestic demand are expected to drive continued economic expansion. With emerging markets leading global growth, Bharat remains a key player in the evolving global economy.
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