🌐 Global Economic Outlook (OECD & IMF) – Key Highlights
🌍 Global Real GDP Growth (%)
Year
OECD Projection
IMF Projection
2023
3.3%
3.3%
2024
3.2%
3.2%
2025
3.3%
3.2%
2026
3.3%
3.1% (by 2029)
🔹 Both OECD and IMF show a trend of stable but modest global growth. 🔹 Growth is expected to remain around 3.2–3.3% globally through 2026 (OECD), while the IMF projects a slight deceleration over the longer term.
🇮🇳 India’s Economic Performance and Projections
Year
OECD (Real GDP %)
IMF (Real GDP %)
2024
6.8%
7.0% (revised)
2025
6.9%
6.5%
2026
6.8%
–
✅ India will remain the fastest growing major economy in 2024, 2025, and 2026 according to OECD projections.
🔹 IMF revised India’s growth forecast in July 2024 from 6.8% to 7.0%, showing strong economic momentum.
🌎 Comparison with Other Major Economies (OECD Data)
Country
2024
2025
2026
🇮🇳 India
6.8%
6.9%
6.8%
🇨🇳 China
4.9%
4.7%
4.4%
🇺🇸 USA
2.8%
2.4%
2.1%
🔸 India leads in GDP growth, followed by China and the US.
🌍 World GDP Rankings – 2024 (Nominal GDP, IMF Data)
Rank
Country
GDP (USD Trillion)
Real GDP Growth
GDP per Capita (USD ‘000)
1
🇺🇸 USA
29.17
2.8%
86.6
2
🇨🇳 China
18.27
4.8%
12.97
3
🇩🇪 Germany
4.71
0.0%
55.52
4
🇯🇵 Japan
4.07
0.3%
32.86
5
🇮🇳 India
3.59
7.0%
2.70
➡️ India ranks 5th globally in terms of GDP size but has relatively low per capita income — highlighting income distribution and development challenges.
🇮🇳 India’s Economic Snapshot – FY2024-25
📊 Macroeconomic Overview
Real GDP Growth: Estimated at 6.4% in FY2024-25 (down from 8.2% in FY2023-24)
Nominal GDP Growth: 9.7% in FY2024-25 (previous year: 9.6%)
Real GDP (₹ lakh crore): ₹184.88 lakh crore (vs ₹173.82 lakh crore in FY23-24)
Nominal GDP (₹ lakh crore): ₹324.11 lakh crore (vs ₹295.36 lakh crore in FY23-24)
Per Capita National Income: ₹2,00,162 (up from ₹1,84,205 in FY2023-24 → 8.7% growth)
📌 Sector-Wise GVA Growth (at Constant Prices)
Sector
FY 2023-24
FY 2024-25
🌾 Agriculture, Forestry & Fishing
1.4%
3.8%
🏗️ Construction
9.9%
8.6%
🏦 Financial, Real Estate & Prof. Services
–
7.3%
🏛️ Public Administration
7.8%
9.1%
🏨 Trade, Hotels, Restaurants
High in 22-23
5.8%
🛢️ Mining & Quarrying
7.1%
2.9%
🧱 Secondary Sector (Overall)
9.7%
6.5%
🌱 Primary Sector (Overall)
2.1%
3.6%
📌 Sector-Wise GVA Growth (Constant Prices)
🔹 Sector
FY 2023-24
FY 2024-25
🌱 Primary Sector (Agriculture, etc.)
2.1%
3.6%
🏭 Secondary Sector (Industry)
9.7%
6.5%
🛒 Tertiary Sector (Services Overall)
7.6%
7.2%
🧑🤝🧑 Social Indicators
Urban Unemployment Rate (Female): 📉 Down from 14.3% (FY2021-22) to 9% (FY2024-25)
Urban Youth Unemployment: 📈 Elevated at 16.8% in FY2024-25
Poverty Reduction: ✅ Share of people living below $2.15/day (2017 PPP) halved between 2011 and 2019
🌍 India’s Global Economic Standing
5th largest economy in nominal terms globally
3rd largest economy by Purchasing Power Parity (PPP)
Goal: Achieve high middle-income status by 2047 (centenary of independence)
📝 Suggested Prelims/MCQ Questions:
Q: What is India’s estimated real GDP growth rate for FY2024-25 as per Advance Estimates by MoSPI? A: 6.4%
Q: Which sector recorded the highest GVA growth rate in FY2024-25? A: Public Administration (9.1%)
Q: India’s GDP per capita for FY2024-25 is estimated to be: A: ₹2,00,162
Q: Between 2011 and 2019, India halved its population living below how much per day (in PPP terms)? A: $2.15/day (2017 PPP)
Q: As per OECD, which country is projected to be the fastest growing economy in 2024, 2025, and 2026? A: India
🔄 Sector-wise Share in Gross State Domestic Product (GSDP)