India's economic growth to decline to 5.7% in 2022: UNCTAD

Tags: Economy/Finance

According to the  United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022, the Indian economy growth rate is expected to decline to 5.7% in 2022(January-December period ). The report was released on 3 October 2022.

It also expects the Indian economy growth rate to reduce to 4.7 % in 2023. 

The Indian economy grew by 8.7% in 2021-22. In the first quarter (April-June) of the current financial year (2022-23) it grew by 13.5%.

The Reserve Bank of India also reduced the expected growth rate of the Indian economy for 2022-23 to 7% in its latest monetary policy review on 30 September 2022.

The main reason cited by the UNCTAD report for reducing the economic growth rate of India is the expected reduction in the capital expenditure of the government due to adverse global economic situations.

UNCTAD said it expects the South Asia region to expand at a pace of 4.9 per cent in 2022

UNCTAD projects that the US economy will grow at 1.9 per cent in 2022 will further slow down to 0.9 per cent in 2023.

Meanwhile, China's economic growth is projected to be 3.9 per cent in 2022 and 5.3 per cent growth in 2023.

Forecast for Indian Economy Growth Rate by various agencies (till 3^rd October 2022)

UNCTAD (United Nation Conference on Trade and Development) 

UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964.

 It was set up to promote the interests of developing countries in world trade.

It also releases the World Investment Report. 

Headquarters of UNCTAD:  Geneva, Switzerland

Offices of UNCTAD:  New York in the United States and Addis Ababa in Ethiopia.

Secretary-General:  Mrs. Rebeca Grynspan of Costa Rica