India is the fastest growing major economy in the world, with a higher growth rate than China (4.4%).

the International Monetary Fund (IMF) has projected a growth rate of 8.2% for India in 2022, making it the fastest growing major economy in the world. However, the IMF cut India’s GDP forecast to 8.2% from the previously forecast figure of 9%. Compared to other major economies around the world, the projected growth rate is much better than its estimates for other major economies like the United States, China, and Japan.

“As India walks on a high growth trajectory, the country is expected to remain the fastest growing economy in the world in fiscal year 2022!” MyGovIndia tweeted.

China, which had a growth rate of 8.1% in 2021, is expected to grow 4.4% in 2022 and 5.1% in 2023. The United States is expected to grow 3.7% in 2022 against 5.7%. in 2021, according to the IMF report.

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For other countries, the IMF forecast GDP growth for Brazil at 0.8%, Mexico at 2%, Germany at 2.1%, Italy at 2.3%, France at 2 .9%, Japan at 3.3%, the United Kingdom at 3.7%. percent, Canada at 3.9 percent and Spain at 4.8 percent.

The war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution. At the same time, the economic damage caused by the conflict will contribute to a significant slowdown in global growth in 2022 and to inflation. Fuel and food prices have risen rapidly, hitting vulnerable populations in low-income countries hardest, the IMF said in its report.

Global growth is expected to slow from around 6.1% in 2021 to 3.6% in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than forecast in January.

Beyond 2023, global growth is expected to fall to around 3.3% over the medium term. War-induced commodity price hikes and growing price pressures have led to inflation projections of 5.7% in advanced economies and 8.7% in emerging and developing economies for 2022, i.e. 1.8 and 2.8 percentage points more than forecast last January.

Multilateral efforts are essential to respond to the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, manage over-indebtedness, fight climate change and end the pandemic.