India remains a growth engine for the global economy, the spokesperson for the International Monetary Fund said on Thursday, noting that India’s second-quarter growth of 7.8% was higher than expected by IMF staff.
Spokesperson Julie Kozack told reporters that India’s growth was driven by stronger-than-expected activity in the services sector and in exports, underscoring the resilience of the economy despite the energy price shock caused by the war in the Middle East.
She said the IMF was closely monitoring the impact of higher oil prices on the Indian economy and will release a new forecast for India next month when it publishes a new World Economic Outlook, Kozack said.