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IMF LOWERS INDIA GROWTH PROJECTION FOR 2009 TO 6.3%

The Times of India, November 7, 2008

India's growth is likely to slow down to 6.3% in 2009 with the International Monetary Fund (IMF) forecasting growth contraction in advanced economies and an appreciably slower growth in emerging economies.

The latest IMF forecast for world economic growth, released ahead of next week's G20 summit here on global financial crisis has cut world growth by 0.75 percentage point to 2.2% with output in advanced economies forecast to contract on a full-year basis for the first time since World War II.

In emerging economies, growth is projected to slow appreciably but still reach 5% in 2009, the IMF said in its latest World Economic Outlook (WEO) published on Thursday, updating the projections in the October WEO.

In the case of India, the growth projection for 2008 has been lowered to 7.8%, 0.1 percentage points less than the October projection with a further slowdown to 6.3% in 2009, 0.6 percentage points down from October.

As the IMF sharply revised its growth projections downward, saying that "global activity is slowing quickly", it urged countries to stimulate their economies in the face of a bigger-than-expected slowdown in the global economy triggered by the recent financial turmoil.

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