1. World Bank increases India’s GDP growth forecast to 6.9% for 2022-23
Tags: Reports Economy/Finance
The World Bank has forecasted 6.9% growth rate for the Indian economy in 2022-23, saying the economy was showing higher resilience to global shocks. In October, it had cut India's GDP growth forecast to 6.5 percent from 7.5 percent earlier.
In its India Development Update released on 6 December 2022, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.
India's gross domestic product (GDP) grew 8.7 percent in the previous 2021-22 financial year.
In the second quarter of 2022-23 (July-September) fiscal year it grew by 6.3%.
The Reserve Bank of India expects the Indian economy to grow by 7 % in 2022-23.
2. The World Bank reduces India’s growth forecast to 6.5% in 2022-23
Tags: Economy/Finance
The World Bank in its latest report on South Asia released on 6 October 2022 has reduced the expected Indian economy growth rate in 2022-23 to 6.5% from an earlier estimate of 7.5% it forecasted in June 2022.
Growth estimates for the South Asian region - comprising India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives were revised down to 5.8% from 6.8% forecast in June 2022.
The bank cited the impact of war in Ukraine, which has caused a rise in commodity prices, and the uneven recovery from the impact of the COVID-19 pandemic in the region.
In a recent report the United Nations Conference on Trade and Development (UNCTAD) also revised the Indian economic growth in 2022 to 5.7%.
This is the third time the World Bank has revised its GDP growth forecast for India in 2022-23. In June, it had slashed its GDP growth forecast for India to 7.5%. Earlier in April, it had trimmed the forecast from 8.7% to 8%.
The Reserve Bank of India (RBI) has recently cut the economic growth projection for the current fiscal to 7% from 7.2% estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally.
Important for Exam
World Bank headquarters: Washington D.C, United States of America
World Bank President: David Malpass
The report published by World Bank are
- World Development Report
- Global Economic Prospect
- Ease of Doing Business (it has been suspended now )
