What’s in the news?

• The International Monetary Fund (IMF) has released its recent report titled “October 2022 World Economic Outlook: Countering the Cost-of-Living Crisis”.

Highlights of the Report 

• The world, including India, will experience an overall slowdown in the next year owing to the impact of the Russia-Ukraine war, tightening monetary conditions globally, the highest inflation in decades, and lingering effects of the pandemic.
• India is projected to grow at 6.8% in the current fiscal year, following 8.7% growth in the fiscal year that ended March 31.

• The growth rate for this year for India has been revised downward by 0.6 percentage points relative to the IMF’s June 2022 forecast following a weaker output in the second quarter, and subdued external demand, the IMF said. The forecast for the next fiscal year remains unaltered at 6.1%. 
• There remain high downside risks to the forecasts, as per the IMF. Monetary policy that seeks to restore price stability is the starting point to mitigating these risks, the report said.

https://www.thehindu.com/business/Economy/imf-cuts-indias-economic-growth-forecast-to-68-in-2022-says-country-doing-fairly-well/article65997719.ece