Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The International Monetary Fund has revised India’s GDP growth rate to 9.5pc from the previous forecast of 12.5pc for FY2022. For the next fiscal, IMF has forecast a growth of 8.5pc. 


The second wave of COVID-19 has pushed India’s growth prospects down, and a slow recovery is expected, stated IMF in its latest outlook report. Recovery is set back in several countries that experienced renewed waves. India’s growth is likely to be hindered, as a large part of its population is unvaccinated. The pace of vaccination is slow in India and it is unlikely that the whole population will be fully vaccinated by the end of 2022. 


IMF forecasts are in line with the Reserve Bank of India that pegged India’s growth rate at 9.5cpc for the current fiscal which was earlier estimated at 10.5pc. RBI made the announcement at the beginning of June. 


Global GDP is pegged at 6pc for 2021. Advanced economies will be growing at 5.6pc and emerging markets will be growing at 6.3pc. China’s 2021 GDP growth rate is forecast at 8.1pc and expected to further slow to 5.7pc in 2022. 

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