IMF hikes India's growth forecast to 6.3%, lowers China's
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The IMF has revised India's 2023-24 growth forecast from 6.1% to 6.3%, thanks to "stronger-than-expected" consumer spending in the April-June quarter. The IMF said it expected India's growth to be the highest among developing economies. Meanwhile, it lowered China's forecasted growth from 5.2% to 5% for 2023-24 and from 4.5% to 4.2% for 2024-25. In April, the global financial body reduced India's growth projection from 6.1% to 5.9% for 2023-24 and from 6.8% to 6.3% for 2024-25.