However, the growth for emerging and developing Asia is anticipated to increase from 4.5 per cent in 2022 to 5.2 per cent in 2023, before a dip to 4.8 per cent in 2024. This denotes downward revisions of 0.1 and 0.2 percentage points for 2023 and 2024, respectively, in comparison to the projections made in July. A significant factor in this revision is the lower growth forecast for China. The country's growth prediction has been cut by 0.2 percentage points for 2023 and by 0.3 percentage points for 2024, projecting it at 5.0 per cent in 2023 and 4.2 per cent in 2024.
On the domestic front, the Reserve Bank of India (RBI) has set its expectations for the consumer price index (CPI)-based inflation at 5.4 per cent for the current fiscal. Furthermore, the RBI foresees the GDP growth rate to be slightly higher than the IMF's projection, positioning it at 6.5 per cent.
ALCHEMPro News Desk (DP)
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