The International Monetary Fund raised its Asia growth forecast for 2024 on Tuesday, as it remained optimistic about India's growth and focused on the need for more stimulus from China.
The IMF now expects Asia's economy to grow 4.5% this year, up 0.3 percentage points from six months earlier.
The upward revision reflects upgrades for China, the IMF said, where it expects policy stimulus to provide support.
India is currently the world's fifth-largest economy with GDP of $3.7 trillion and is aiming to become the world's third-largest by 2027.
IMF's Srinivasan also wrote that strong private consumption will continue to drive growth in Asia's other emerging markets.
Persons:
Krishna Srinivasan, IMF's Srinivasan
Organizations:
Monetary Fund, IMF
Locations:
Asia, China, Pacific, India