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International Monetary Fund (IMF) has revealed that the economic growth rate of India is likely to decline by 6.9 per cent in the year 2009. As per IMF this demotion is inevitable as the Asian countries are not totally immune to the financial crisis in the US and its subsequent fallout. IMF's World Economic Outlook (WEO) claimed that India's gross domestic product (GDP) growth rate, which was 9.3 per cent in 2007, will slope down to 7.8 per cent by the end of 2008 and end up to 6.9 per cent in 2009. The Economic Outlook (WEO) of IMF has been released in Washington on October 8, 2008.
The report further claimed that Asia's economic growth rate is also likely to suffer in the coming year. The GDP growth rate of Asia is likely to decline to 7.7 per cent in 2008 and turn out to be 7.1 per cent in 2009. Due to the September market turbulence, the global financial market has suffered a major setback and is becoming weak day by day. The ailing financial market is also unable to attract the investors. IMF also said that during 2005-07, the global stock markets have declined drastically and India has also not been speared from it.
