New Delhi: The year 2022 has been a year of ups and downs for the global economy. The global economy was in shambles after the war between Russia and Ukraine. In such a situation, its effect was visible on every country of the world including India. In such a situation, the World Bank on Thursday reduced India’s growth rate forecast, citing the deteriorating international situation. According to the latest estimates, the Indian economy will grow at 6.5 per cent in the fiscal year 2022-23, which is one per cent lower than the June 2022 estimate.
In a report released ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the bank said that India is comparatively stronger than the rest of the world. During the last financial year, the growth rate of India’s economy was 8.7 percent.
Giving more details on the current situation, Hans Timmer, Chief Economist of the World Bank for South Asia, said, “The Indian economy has performed well compared to other countries in South Asia by registering strong growth, sharp contraction in the first phase of COVID. Strong comeback from.
Along with this, he also said that there is no big foreign debt on India at this time. That is why India should not have any problem from this side in the recent future and India’s monetary policy has been prudent for some time now. The Indian economy has performed well in the services sector in particular and service exports in particular.
Giving further information, he said, “Despite this, we have reduced the estimate for the current financial year, as the international environment for India and all other countries is deteriorating.” He said that the second half of the calendar year is weak for many countries and India will also remain relatively weak in the times to come.
The World Bank on Thursday slashed India’s growth forecast citing the deteriorating international situation. According to the latest estimates, the Indian economy will grow at 6.5 per cent in the fiscal year 2022-23, which is one per cent lower than the June 2022 estimate.
In a report released ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the bank said that India is comparatively stronger than the rest of the world.
Significantly, during the last financial year, India’s growth rate stood at 8.7 percent.