Growth in India is expected to slow to 6.3% in FY2023: World Bank
The Hindu
Growth in India is expected to slow further to 6.3 % in FY 2023/24 (April-March)
Growth in India is expected to slow to 6.3 % in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services.
The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 % in 2022 to 2.1 % in 2023.
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In Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9 % this year from 4.1 % last year. These forecasts reflect broad-based downgrades.
“Growth in India is expected to slow further to 6.3 % in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January,” the World Bank said.
“The surest way to reduce poverty and spread prosperity is through employment—and slower growth makes job creation a lot harder,” said Ajay Banga, the newly-appointed World Bank Group President.
“It’s important to keep in mind that growth forecasts are not destiny. We have an opportunity to turn the tide but it will take us all working together,” he said.