## India's Growth Projected at 6.8% by IMF
The International Monetary Fund (IMF) has revised its growth projection for India upwards to 6.8% for 2024, citing strong domestic demand and a growing working-age population. This upward revision places India as the fastest-growing major economy in the world, surpassing China's projected growth of 4.6% for the same period.
The IMF's World Economic Outlook report, released ahead of the annual spring meetings of the IMF and the World Bank, highlights India's continued economic strength. The report attributes this growth to robust domestic demand and a rising working-age population.
## Global Growth Projected at 3.2%
Global growth is projected to remain steady at 3.2% in 2024 and 2025, according to the IMF. This represents a slight upward revision from the January 2024 WEO Update and the October 2023 WEO. The IMF's chief economist, Pierre-Olivier Gourinchas, emphasizes the need for policymakers to prioritize steps towards greater economic resilience, including strengthening government finances and revitalizing economic growth prospects.
## China's Growth Projected at 4.6%
China's growth is projected to slow from 5.2% in 2023 to 4.6% in 2024 and 4.1% in 2025. This slowdown is attributed to the easing of positive effects from the post-pandemic consumption boost and fiscal stimulus, as well as ongoing weakness in the property sector.
## Global Inflation Projected to Decline
Global inflation is projected to decline from 2.8% at the end of 2024 to 2.4% at the end of 2025. This decline follows a significant surge in inflation triggered by the pandemic and the war in Ukraine. Most indicators point towards a soft landing for the global economy.
## Economic Scarring and Trade Tensions
The IMF acknowledges that the crises of the past four years have left some economic scarring, particularly in low-income developing countries. China's economy continues to be affected by the downturn in its property sector, which could lead to increased trade tensions in an already fraught geopolitical environment.