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Economy: World Bank cuts India’s economic growth forecast

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GDP Growth Rate: The World Bank cut India’s economic growth forecast by 1% for FY2023. The World Bank on Thursday forecast a growth rate of 6.5% for the Indian economy, 1% less than its previous estimate. for June 2022. By the way, the World Bank also said that India is performing better than other South Asian countries and getting stronger than the rest of the world. The World Bank has cited the deteriorating international environment for reducing India‘s economic growth.

India’s comparatively better performer

When releasing the latest Economic Focus on South Asia ahead of the annual meeting of the International Monetary Fund and the World Bank, World Bank Chief Economist Hans Timmer said: “India’s economy has fared well compared to other South Asian countries. India’s economy boomed after emerging from the corona pandemic. Let me tell you that the Indian economy grew at a growth rate of 8.7% last year. He said India does not have huge external debt. On this side, it has no problem and its monetary policy has been prudent.

The Indian economy has performed well in the service sector in particular and in service exports in particular. Hans Timmer said we have reduced the estimate for the current fiscal year as the international environment is deteriorating for India and all other countries. He said the second half of the calendar year is weak for many countries and will also remain relatively weak in India. Earlier, the Asian Development Bank (AfDB) cut the growth forecast for India’s economy to 7% for the financial year 2022-23 given rising inflationary pressures and tight monetary policies.

Posted by: Shailendra Kumar

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