The International Monetary Fund (IMF) has upgraded global growth projections for 2023 to 3%, a 0.2% increase from its April forecast. Resilient economic activity during 1Q21 has been attributed to the upgrade, however, the IMF noted persistent challenges that could impact the medium-term outlook, including high inflation, increased interest rates and limited access to credit. India’s growth prospects for 2023 have increased to 6.1%, while the US’s growth forecast has been raised to 1.8% for this year.
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