India is becoming a key engine of global economic growth. This assessment was made by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), in a statement ahead of the autumn meeting of the governing bodies of the IMF and the World Bank, which will be held next week.
The forecast for global economic growth “in the medium term is about 3%, which is below 3.7% before the pandemic“. At the same time, “China's economic growth rate is steadily declining, while India is emerging as a key engine of growth“, the Managing Director specified.
Georgieva emphasized that in the context of “rapid changes in a multipolar world“ Asian countries need to develop internal trade and accelerate reforms to strengthen services and access to finance, while sub-Saharan African countries need to implement reforms to support business and promote free trade.
The IMF managing director recommended that European countries appoint a trade officer to accelerate reforms to “remove border barriers to markets“. She also called on the EU to create a “single European financial system“ and an “energy union“.