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Asia to drive 60% of global economic growth in 2024-IMF

Asia to drive 60% of global economic growth in 2024-IMF

Posted on May 20, 2024   |  

As per the IMF's assessment, Asia continues to be the primary driver of global economic expansion and is expected to contribute 60% of global growth this year.

Despite facing successive shocks post-pandemic, the global economy has displayed resilience, with the IMF's latest World Economic Outlook projecting global growth to reach 3.1% this year.

Numerous countries in Asia are anticipated to meet central bank targets by 2024, while there is a growing call for public spending in the region, particularly due to concerns related to aging populations and climate change.

The IMF has upwardly revised India's growth projections for 2024 from 6.5% to 6.8%, citing robust domestic demand and a rising working-age population as key factors.

India's economy recorded significant growth of 8.4% in the October-December quarter of the financial year 2023-24, maintaining its status as the fastest-growing major economy.

China is forecasted to achieve growth rates of 4.6% this year and 4.1% in 2025, according to IMF projections.

Overall, the IMF predicts global growth rates of 3.2% for both 2024 and 2025.