India’s GDP to Grow by 7%, ahead of China: Christine Lagarde, IMF Cheif

India’s GDP to Grow by 7%, ahead of China: Christine Lagarde, IMF Cheif

 

International Monetary Fund chief Christine Lagarde said India’s Gross Domestic Product will grow by more than 7.0 per cent in 2016.

NEW DELHI: The IMF chief said that India’s GDP will grow by more than 7.0 per cent in 2016, while China’s will grow at around 6.0 per cent.

However, the institution retained India’s growth projection for the next two years at 7.3 per cent and 7.5 per cent, according to a news agency report.

“We continue to face the problem of global growth being too low for too long, benefiting too few,” Lagarde said.

The nations should instead adopt policies to retrain those displaced by automation processes as well as invest more in education, infrastructure and efficiency reforms to boost the economic growth, she said.

Lagarde’s remarks come ahead of the annual summit of the IMF and the World Bank in October.

Discussions on global economic events and forces are expected to take place at the annual meeting of the global financial institutions.

The IMF will also release its World Economic Outlook, which provides an analysis of the current state of the global economy, next week.

In July, it had cut its forecast for global growth by 0.1 per cent, citing an increase in political and institutional uncertainty following the Brexit vote.

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