Economic revival in India likely by 2009-end: IMF

 MULTILATERAL agency Inter national Monetary Fund (IMF) on Wednesday said that the Indian economy, facing slowdown, is expected to rebound near the end of the current calendar year. "For India, we expect growth to slow markedly in 2009 before starting to rebound toward year-end," the IMF said in its latest 'Regional Economic Outlook: Asia and Pacific'.
    The IMF, which slashed its 2009 GDP forecast for India to 4.5% from 5.1%, said its Q4 (October-December) outlook is 4.8%. On the country's slow growth in 2009, it said, despite India's relatively low dependence on exports, the country will be particularly affected by the financial shock.
    "... Because the strong investment growth in recent years owed much to favourable credit conditions. With external financing having tightened and the domestic credit cycle having turned, investment growth is expected to be severely curtailed, and so is GDP growth," IMF said.
    IMF said the last quarter of next year is also expected to be higher than the overall growth in the full year 2010. According to IMF, India's GDP is expected to grow at 5.6% in 2010, lower than prior projection of 6.5%, and the view for the fourth quarter is 5.9%.

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