India, China to contribute more than half of global growth this year: IMF

IMF added that the central banks across Asia need to stay 'alert' as the core inflation is still high, and the re-opening of China's economy may push inflation up due to higher demand

Due to fading supply-chain disruptions and the boom in the service sector, India and China will contribute more than 50 per cent of the global growth in the upcoming year, the International Monetary Fund (IMF) said in a blog post on Monday. Asia will be a major driver of global growth, with other countries, apart from China and India, contributing another 25 per cent.

"These economies are hitting their stride as pandemic supply-chain disruptions fade and the service sector booms," it said. "Cambodia, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam are all back to their robust pre-pandemic growth".

It added