The International Monetary Fund (IMF) has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13. According to IMF's World Economic Outlook (WEO) report , "Growth in India is projected to average 5-6 per cent in 2012–-13, more than one percentage point lower than in the April 2012 WEO." "The downgrade reflects both an expectation that current drags on business sentiment and investment will persist and a weaker external environment," the report said. Released in Tokyo ahead of the IMF-World Bank 2012 Annual Meetings, the report said that the growth has weakened in the first half of current year due to deteriorating business sentiment and stalled investment due to governance issues.
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