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IMF's Gita Gopinath: Monetary policy easing, tax cuts to support India's growth with a lag

Updated : October 16, 2019 06:27 AM IST

After slashing country’s GDP growth projection for the year 2019 to 6.1 percent, which is 1.2 per cent down from its April projections, Gita Gopinath, chief economist, International Monetary Fund (IMF), on Tuesday said monetary policy easing and corporate tax cuts will support India’s growth with a lag.

"If you look at Japan or even China and the US, they are going to continue to slow in 2020. So that is not where the recovery comes from. The recovery comes from emerging and developing economies, said Gopinath to CNBC's Steve Liesmann.

"Half of it comes from recoveries or shallower recessions in stressed economies like Argentina, Iran and Turkey and the other half is from a bunch of countries like Brazil and India, where growth is particularly weak in 2019,” she said.

On India’s growth forecast, Gopinath said, “We did have a significant downward revision for India to 6.1 percent. However, we do expect the recovery back to 7 percent in 2020."

According to the chief economist, if the trade war continues, it can become more severe, "We are already in a situation where investment is incredibly weak, manufacturing is very weak and trade is very weak, that could start spilling over to the services sector which is so far held up and that is when we will start worrying about going below 2.5 percent global growth."

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