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Thursday, September 21, 2023

World GDP Growth Forecast 2023: India Leads Major Nations in Economic Growth

India has been ranked first among the major nations on the list of the global GDP forecast for 2023, with 5.9 percent anticipated growth

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Sadaf Hasan
Sadaf Hasan
Aspiring reporter covering trending topics

INDIA: In its World Economic Outlook report, the International Monetary Fund (IMF) predicted that India would outperform large economies like China and the United States in terms of GDP growth in the fiscal year 2023–24. As per the IMF World Economic Outlook report, India’s economy, or GDP, will grow by 5.9 percent in the current fiscal year.

Among major nations, India’s economic growth is anticipated to surpass that of China, the United States, the United Kingdom, France, Germany, Saudi Arabia, and Canada.

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India has been ranked first among the major nations on the list of the global GDP forecast for 2023, with 5.9 percent anticipated growth. The UN applauds India, says the nation remains a bright spot, and projects 6.7% economic growth in 2024.


The Indian economy is anticipated to grow by 5.9% in the current fiscal year, making it the biggest economy in the world with the quickest rate of growth. According to the IMF’s biannual report, India’s headline retail inflation is expected to drop from 6.7% in the previous year to 4.9% in 2023–24.

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This is a clear illustration of India’s economic strength and its unwavering determination to overcome any obstacle. The list of companies that had the highest profit in the fiscal year 2022–2023 includes Reliance, SBI, and TCS.


The IMF maintained its GDP forecast for China at 5.2% for this year while adding that expectations for “positive spillovers” to the rest of the world have increased due to the country’s openness.

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“Mobility normalised, and high-frequency economic indicators, such as retail sales and travel bookings, started picking up as COVID-19 waves subsided in January of this year,” the research stated.


The IMF has raised its forecast for Indonesia’s economy even though it expects much slower global growth rates as a result of persistent economic uncertainty and geopolitical concerns.

According to the World Economic Outlook research from April, which was 0.2% more recent than the study from January, Indonesia’s GDP growth would reach a pace of 5% in 2023. Additionally, this figure places Indonesia’s growth projection almost on par with China’s.


For this year, the IMF increased its economic growth prediction for Turkey to 3%. The international organisation has increased its prediction of the global economy’s growth to 3.6% for the next year.

Saudi Arabia 

Saudi Arabia’s budget balance is expected to change to a deficit in 2023 as a result of declining oil income, according to the IMF. It did not provide a revised estimate for its anticipated deficit but kept the Gulf country’s estimated GDP for this year at 3.1.


Mexico’s GDP was revised by the Monetary Fund to 1.8% for the current year 2023. However, if reports are to be accepted, the prediction for the following year stays the same, i.e., 1.6%.


The International Monetary Fund projects that Spain’s economic growth will slow in 2023 as a result of rising expenses and weakening demand before peaking in 2024.

Due to weak demand and a crisis in the cost of living that has lowered consumer confidence, it is projected that growth in future quarters will be subpar.

United States 

In 2023, the United States economy is anticipated to grow by 1.6 percent, which is 0.2 percentage points greater than the IMF’s earlier forecast. In January of the following year, the US GDP is predicted to increase 0.1 percentage points to 1.1%.


In 2023, Canada is anticipated to grow by 1.5%. Canada’s real GDP (gross domestic product) growth forecast for the following two years is just somewhat lower than that for the U.S. (in 2023) and Spain (in 2024).


The IMF predicts that Brazil’s economic development will decelerate this year but accelerate in the following years. As per the IMF, this year’s growth will slow to 0.9%.


This year, the island nation’s GDP is estimated to be 1.3% by the international organisation. As the nation’s economic recovery advanced thanks to favourable monetary and fiscal policies, a surge in tourism, and other factors, headline inflation in Japan reached its highest level in four decades in February.


Russia will grow by 0.3% and avoid going into recession in 2023, according to a recent forecast by the international body. Forecasts indicate that the country’s GPD growth will remain at 0.7%.


The German economy has shown resilience over the past year because of vigorous policy responses and a mild winter, even though GDP growth will remain at -0.1%.


Despite a significant increase in economic activity and employment last year as a result of the government’s competent management of the gas supply, it is predicted that Italy’s GDP will remain at 0.7%.


France’s GPD growth is expected to stay around 0.7% this year, according to the IMF. France endured an energy shock as a result of Russia’s invasion of Ukraine after the pandemic’s successful economic recovery.

United Kingdom 

Even though the UK’s GDP will stay negative this year at 0.3%, the IMF no longer expects the British economy to experience a recession this year.

Also Read: Recession Tightens Grip on German Economy as GDP Shrinks in Q1


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