New Delhi. The grip of America, Britain, Japan, and England in the manufacturing sector of the world is continuously loosening. On the other hand, emerging markets like India and China are becoming new manufacturing hubs. The International Monetary Fund (IMF) has said in its latest World Economic Outlook report that global manufacturing production is shifting towards emerging markets like India and China. Advanced economies are losing their competitiveness, due to which India and China are becoming major players in the global manufacturing scenario.

The IMF said in its report, "Manufacturing production is rapidly shifting towards emerging markets, particularly China and India, as advanced economies are losing competitiveness." The report also mentions the challenges faced by advanced economies. At the same time, opportunities have been outlined for emerging markets like India and China to further strengthen their position in global manufacturing.

Demand for services is increasing.
The IMF report says that there is a major shift in consumer behavior from goods to services. This change is boosting the service sector in both advanced and emerging markets. However, this has led to a slowdown in manufacturing activities and the global economy is going through a phase of rebalancing between these two sectors. The IMF said, "This rebalancing is boosting the service sector in advanced and emerging markets, but it is hurting manufacturing."

India's GDP growth rate will be 7 percent.
The IMF has estimated India's GDP growth rate to be 7 percent by 2024. The IMF report says that this growth will gradually decline in the next few years. The report says that GDP growth in India is expected to decline from 8.2 percent in 2023 to 7 percent in 2024 and 6.5 percent in 2025, as the demand accumulated during the pandemic has now ended.

Global GDP stabilized
The IMF said on global economic growth that there has been little change in the overall growth outlook since the April 2024 report. After a strong post-pandemic recovery, global GDP growth has stabilized around 3 percent in the short and medium term. The IMF also warned that this weak growth could persist for a long time, causing a lasting impact on the global economy. The pandemic has reduced global economic growth in the long term and this effect may continue in the future.