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LATEST NEWS UPDATES | World Bank cuts India’s GDP forecast to 6.5%, but there's some positive news too -Harshit Sabarwal

World Bank cuts India’s GDP forecast to 6.5%, but there's some positive news too -Harshit Sabarwal

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published Published on Oct 6, 2022   modified Modified on Oct 7, 2022

-Hindustan Times

In its South Asia Economic Focus report released on Thursday, the World Bank said, “The spillovers from the Russia-Ukraine war and global monetary policy tightening will continue to weigh on India’s economic outlook.”

The World Bank on Thursday downgraded India's GDP or gross domestic product to 6.5% for the fiscal year 2022-23 from an earlier estimate of 7.5%. In the previous year, the Indian economy grew by 8.7%.

In its South Asia Economic Focus report released on Thursday, the World Bank said, “The spillovers from the Russia-Ukraine war and global monetary policy tightening will continue to weigh on India’s economic outlook.”

The World Bank, however, said that India is recovering stronger than the rest of the world.

"The Indian economy has done well compared to the other countries in South Asia, with relatively strong growth performance... bounced back from the sharp contraction during the first phase of Covid," Hans Timmer, World Bank chief economist for South Asia, told news agency PTI.

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Hindustan Times, 6 October, 2022, https://www.hindustantimes.com/business/world-bank-cuts-india-s-gdp-forecast-to-6-5-but-there-s-some-positive-news-too-101665058774225.html


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