IMF: India will overtake China in 2018

IMF: India will overtake China in 2018

Davos, January 23: IMF, in its latest World Economic Outlook update, has said that India will clinch 7.4% GDP in 2018. This will incidentally make India the fastest growing economy, overtaking China, which is projected is slow down its growth to 6.8%.

The growth rate had slowed down in 2017 due to demonetization and the implementation of goods and services tax (GST).

The IMF update released on Monday ahead of the World Economic Forum in Davos, projected India’s GDP growth rate at 7.4% in 2018 and 7.8% in 2019 and China is expected to grow at 6.8% and 6.4% respectively during the same time period.

The IMF added that the emerging and developing Asia will grow at around 6.5% over 2018-19, broadly the same pace as in 2017.