India's GDP estimated to be 5.8% in UN report 'Global Economic Situation and Prospects-2023'

Tags: National Economy/Finance

In the last week of January 2023, the United Nations has projected India's Gross Domestic Product (GDP) to be 5.8 percent in FY 2023 in the report 'Global Economic Situation and Prospects-2023'. This is slightly lower than the 6.4 percent projected in 2022.

An overview of the news:

• According to the United Nations, the main reason for the decrease in India's GDP growth rate is high interest rate, investment due to global economic slowdown, pressure on exports etc.

• Whereas, the United Nations has projected India's economic growth to remain "strong" while the outlook for other South Asian countries is "more challenging".

• The report attributed this to the situation arising out of the covid epidemic and the Russia-Ukraine war, due to which a food and energy crisis has arisen and a significant increase in inflation is being seen.

Report in Global Perspective:

• The UN report states that global output growth is projected to decline from an estimated 3% in 2022 to 1.9% in 2023, the lowest in recent decades.

• The United Nations estimates that global growth in 2022 was 3 percent. The report forecasts global trade to grow at 0.4 percent and the world economy at 1.9 percent in 2023.

Report prepared by:

• The report has been prepared by the United Nations Department of Economic and Social Affairs, the United Nations Conference on Trade and Development, and the Regional Economic Commissions for Africa, Europe, Latin America and the Caribbean, Asia and the Pacific, and Western Asia.