IMF pegs India economic growth rate at 5.9% in 2013

Growth in the United States is forecast to average two per cent in 2013, rising above trend in the second half of the year, the IMF said.

In the United States, the priority is to avoid excessive fiscal consolidation in the short term, promptly raise the debt ceiling, and agree on a credible medium-term fiscal consolidation plan, focused on entitlement and tax reform, it said.

In China, IMF report said ensuring sustained rapid growth requires continued progress with market-oriented structural reforms and re-balancing of the economy more toward private consumption.

In other emerging market and developing economies, requirements differ, it said.

The euro area, it said, continues to pose a large downside risk to the global outlook.

In particular, risks of prolonged stagnation in the euro area as a whole will rise if the momentum for reform is not maintained.

"Adjustment efforts in the periphery countries need to be sustained and must be supported by the centre, including through full deployment of European firewalls, utilisation of the flexibility offered by the Fiscal Compact, and further steps toward full banking union and greater fiscal integration," the report said.

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