NEW DELHI, Jun 8 (NNN-PTI) – The World Bank, yesterday, cut India’s economic growth forecast for the current fiscal to 7.5 percent, as rising inflation, supply chain disruptions and geopolitical tensions taper recovery.
“In India, growth is forecast to edge down to 7.5 percent in the fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption from the pandemic,” the World Bank said, in its latest issue of the Global Economic Prospects.
“Growth is expected to slow further to 7.1 percent in 2023-24, back towards its longer-run potential,” it said.
This is the second time that the World Bank has revised its Gross Domestic Product growth forecast for India, in the current fiscal 2022-23 (Apr, 2022 to Mar, 2023). In Apr, it had trimmed the forecast from 8.7 percent to eight percent.– NNN-PTI
