ET : India’s economy is slowing dramatically and uncertainty surrounding the outlook is unusually large, the International Monetary Fund said on Tuesday.
The IMF forecast that India’s gross domestic product growth would slow to 6.3 percent in the 2008-2009 fiscal year, ending in March, and to 5.3 percent the following year. That would be well below the 9 percent growth rate in the 2007-2008 year.
"Policy measures to stimulate the economy and a good harvest should support domestic demand" the IMF said.
"The uncertainty surrounding the forecast is unusually large, with significant downside risks. The main upside risk stems from a larger-than-anticipated impact of the stimulus measures that the authorities have already implemented."
CNBC: The World Bank lowered its forecast for China’s 2009 economic growth on Wednesday but warned Beijing that it would be thwarting its own medium-term goals if it tried to offset the slowdown by further boosting investment.
In a quarterly economic update, the bank cut its projection of grossdomestic product growth this year to 6.5 percent from the 7.5 percent outcome it had forecast in November. It said there were both upward and downward risks to its outlook
