She said that India remains a bright spot at a time when the IMF is projecting 2023 to be difficult with global growth slowing down from 3.4 per cent last year to 2.9 per cent in 2023.
Look behind the headline numbers & we see emerging market & developing economies providing much of the momentum. We expect them to account for about four-fifths of global growth this yr, with India alone expected to contribute more than 15%: Kristalina Georgieva, MD, #IMF pic.twitter.com/s2jc86BvXX
— NewsMobile (@NewsMobileIndia) February 22, 2023
“Why is India a bright spot? Because one, the country has done really well to turn the digitalization that has been already moving quite well into a major driver of overcoming the impact of the pandemic and creating opportunities for growth and jobs,” Georgieva noted.
“Second, because India’s fiscal policy has been responsive to economic conditions. We have seen the new budget presented, and it signals the commitment to fiscal consolidation, while at the same time provides significant financing for capital investments. And three, because India didn’t shy away to learn the lessons from the pandemic and to implement very strong policies to overcome what has been really a difficult time for a number of months,” she said.
