Omicron effect: IMF cuts India's GDP forecast for FY22 to 9% from 9.5%

On a calendar year basis, it projected India's GDP growth at 8.7 per cent in 2022 and 6.6 per cent in 2023

The International Monetary Fund on Tuesday cut its FY22 gross domestic growth product (GDP) forecast for India to 9 per cent from 9.5 per cent predicted in October, citing disruptions due to the Omicron wave of the Covid-19 pandemic.

The multilateral agency, however, raised the country’s GDP projection for FY23 to 9 per cent from 8.5 per cent earlier and to 7.1 per cent from 6.6 per cent for FY24. In its latest World Economic Outlook report, the IMF also cut its global growth forecast for calendar year 2022 to 4.4 per cent from 4.9 per cent projected in the last