World Economic Outlook

The World Economic Outlook (WEO) is an International Monetary Fund’s report that provides analysis and forecasts of economic developments and policies in its member countries.
The report encapsulates the state of the global economy and highlights risks and uncertainty that threaten growth.
It is usually published twice a year.

The International Monetary Fund (IMF) has released its latest World Economic Outlook.

The IMF has cut its economic growth forecast for India to 9.5% for the 2021-22 fiscal year as the onset of a severe second COVID-19 wave cut into recovery momentum.
This forecast for 2021-22 is lower than the 12.5% growth in GDP that IMF had projected in April before the second wave took a grip.
For 2022-23, IMF expects economic growth of 8.5%, larger than the 6.9% it had projected in April.
India’s economy is gradually recovering from a deep contraction in the fiscal year ended March 31, 2021 (7.3%) and a subsequent severe second wave of COVID-19.
The GDP, which shrank from $2.87 trillion in 2019-20 to $2.66 trillion in the following year, is estimated to reach around $4 trillion in 2024-25.
Overall, the global economy is projected to grow 6 % in 2021 and 4.9 % in 2022.

The International Monetary Fund was conceived in 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States.
The IMF and the World Bank are called Bretton Woods twins.
The IMF is a permanent observer at the UN.
It is an organization of 190 countries. India is a founder member of the IMF.
The mandate of the IMF as follows:
- To promote international monetary cooperation;
- To facilitate the expansion and balanced growth of international trade;
- To promote exchange stability;
- To assist member countries in correcting maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity;
- To assist in the elimination of foreign exchange restrictions which hamper the growth of world trade.

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