IMF downgrades India`s growth estimate |
The International Monetary Fund has downgraded India`s growth outlook by 0.4 percentage points to 7.2 % as consumption in Asia`s third-largest economy takes a hit from the government`s recent decision to abolish large currency notes. It also raised its forecast for China`s economic growth this year by 0.3 percentage points to 6.5% on expectations of continued policy stimulus. India, which has recorded some of the world’s strongest recent growth, is experiencing a shock to consumption from the government`s decision in early November to withdraw larger currency notes from circulation to crack down on tax dodgers and counterfeiters. The Fund trimmed its fiscal 2017-18 forecast for India to 7.2 percent from 7.6 percent.
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