World Bank slashes India’s GDP growth forecast to 7.5%, warns risk of 'stagflation'
Zee News
It had lowered the projection from 8.7% to 8% earlier in April, and it is currently expected to be 7.5 percent.
New Delhi: Rising inflation, supply chain disruptions, and geopolitical concerns have lowered the World Bank's FY23 economic growth forecast for India to 7.5 percent, down from an April estimate of 8 percent.
The World Bank has updated its GDP growth prediction for India for the current fiscal year for the second time (April 2022 to March 2023). Read More: SBI Chairman gets a BIG salary hike! Here’s how much money he will get
It had lowered the projection from 8.7% to 8% earlier in April, and it is currently expected to be 7.5 percent. Read More: ICICI Bank hikes FD interest rates; Check latest fixed deposit rates
The GDP expansion compares to an 8.7% expansion in the prior fiscal year 2021-22.
"In India, growth is expected to slow to 7.5 percent in fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption following the pandemic," according to the World Bank's latest Global Economic Prospects report.
