Indian economy to grow at robust rate of 6.6% in FY24: World Bank

Tags: Economy/Finance National News

The World Bank projected the Indian economy to grow at a robust 6.6 per cent in 2023-24 (FY24), slowing down from an estimated 6.9 per cent in 2022-23 (FY23).

An overview of the News 

• According to the World Bank's latest “Global Economic Prospects” India's economic growth will slow to 6.6% in the next fiscal year from an expected 6.9% in the current year.

• It said that the slowdown in the global economy and rising uncertainty will have an impact on export and investment growth.

• After March 2024, India's potential growth rate is likely to return to above 6%.

• According to the World Bank, India will be the fastest growing economy among the seven largest emerging markets and developing economies.

• For the South Asian region, growth is expected to slow down to 3.6% and 4.6% in 2023 and 2024, respectively, due to weaker growth in Pakistan.

Global position

• The World Bank has predicted a sharp, long-lasting recession globally, with global growth slowing to 1.7% in 2023 from 3% six months earlier.

• Europe, which has long been a major exporter to China, will likely suffer from a weaker Chinese economy.