Apr 14, 2023
By: Sourabh Jain
Credit: Canva
The International Monetary Fund (IMF) recently slashed the rate at which India will grow in 2023 — to 5.9 percent from the earlier estimate of 6.1 percent. Despite the cut, India is expected to grow the fastest.
Credit: Canva
China is expected to grow by 5.2 percent in 2023 due to relaxation in Covid-19 restrictions that limited its growth to 3 percent in 2022.
Credit: Canva
Indonesia is a close third and is expected to grow by 5 percent in 2023. In 2022, the country grew by 5.3 percent — the highest in the last nine years.
Credit: Canva
Nigeria is expected to grow by 3.2 percent in 2023, slightly up from the country’s growth of 3.1 percent in 2022.
Credit: Canva
Saudi Arabia, the world’s top crude exporter, recently announced a cut in oil production from May 2023, which is expected to grow at 3.1 percent.
Credit: Canva
According to the IMF, Mexico is expected to grow by 1.8 percent in 2023. The country’s government, however, has forecasted a growth of 3 percent.
Credit: Canva
Australia, which grew by 3.7 percent in 2022, is expected to grow by just 1.6 percent in 2023.
Credit: Canva
The United States is expected to grow by 1.6 percent in 2023 amid a looming banking crisis, rising interest rates and more.
Credit: Canva
The IMF expects Korea to grow by 1.5 percent in 2023, slightly below the government’s projections of 1.6 percent growth.
Credit: Canva
Canada is expected to grow by 1.5 percent in 2023 amid high-interest rates.
Credit: Canva