The International Monetary Fund (IMF) on Tuesday forecasted a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019.
Maurice Obstfeld, the IMF Economic Counsellor, warned against the rising tide of protectionism, saying that without multilateralism "the world will be a poorer and more unsafe place". But the fund lowered China's economic outlook for 2019 to 6.2 per cent, which would be the country's slowest growth since 1990.
As stakeholders look for a categorical position of Khan's administration in going or not going to the IMF for financial assistance or the arrangement of funds from alternative resources, the country's stock market remains in a tight spot due to uncertainty.
The IMF warned that China's growth even risked declining by a full percentage point by next year in the event of a "worse-case" scenario, involving further tariffs coupled with a collapse in confidence by businesses and markets.
Mr Obstfeld said: "Governments have less fiscal and monetary ammunition than when the global financial crisis broke out ten years ago". In addition, regulatory duties on non-essential imports have had to be introduced to curb the unnecessary growth in imports.
And it stressed "cooperative solutions" to help boost continued growth in trade "remain essential to preserve and extend the global expansion".
In the October edition of the report, International Monetary Fund cut the growth projections for 2018 to 1.9 percent.
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China's economy could also take a hit: The IMF revised its forecast for economic growth in 2019 down to 6.2 percent, slightly lower than previous estimates and down from 6.6 percent this year. The Nasdaq Composite dropped 7.44 points, or 0.10 per cent, to 7,728.51 at the opening bell.
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Fed rate hikes are already increasing pressure on emerging market economies by fuelling an outflow of capital as investors seek higher returns.
"IMF's downgrade just goes to show how the tariff dispute between US and China is beginning to take its toll on the global economy", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.
However, stimulus measures by Beijing are likely to soften the impact of the tariffs.
The IMF said its forecast for investment growth for FY19 is weaker than in April, despite higher capital spending in India, on account of contracting investment in economies under stress, such as Argentina and Turkey, which is also reflected in a downward revision for import growth.