The International Monetary Fund on Wednesday retained its forecast for India’s economic growth rate in 2018 and 2019. India’s gross domestic product – the value of all goods and services produced in a year – will grow at 7.4% in 2018 and 7.8% in 2019, the world body said in its “Regional Economic Outlook” report for Asia-Pacific.

The IMF had given similar numbers in October 2017 and January. In October, it had downgraded its forecast after India reported a string of declining numbers following the economic impact of demonetisation and the introduction of the Goods and Services Tax.

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India will remain the fastest growing economy among all 37 countries in the Asia-Pacific region in two years, Wednesday’s report showed. The economic growth forecast for China is 6.6% for 2018 and 6.4% the year after.

The IMF said India’s growth would “rebound...as the economy recovers from disruptions related to the currency exchange initiative [demonetisation] and the rollout of the new Goods and Services Tax”.