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