Nazly Ahmed
The WB increased its estimate of South Asia's GDP growth for 2023 from 5.6 percent to 5.8 percent. The region's forecast for 2024 has been revised downward, from 5.9% to 5.6%. Additionally, 5.6% economic growth is expected for 2025.
The international agency also maintained its 6.3% forecast for the 12 months ending in March 2024 while increasing its estimate for India's GDP growth in FY 2022/2023 from 6.9% to 7.2%. According to the World Bank, the Indian economy would develop faster than expected, reaching 6.4% in FY 2024/2025.
The report stated that, "despite a slowdown in the post-pandemic recovery of the Indian economy, it is expected to continue to grow at a faster pace than other major emerging markets and economies."
In addition, the WB reports that India's low level of external debt and the stable positions of leaders in the financial and corporate sectors will lessen the impact of slowing global demand and rising interest rates. The negative effects of monetary tightening on domestic demand are expected to peak next year.
source: worldbank.org
The international agency also maintained its 6.3% forecast for the 12 months ending in March 2024 while increasing its estimate for India's GDP growth in FY 2022/2023 from 6.9% to 7.2%. According to the World Bank, the Indian economy would develop faster than expected, reaching 6.4% in FY 2024/2025.
The report stated that, "despite a slowdown in the post-pandemic recovery of the Indian economy, it is expected to continue to grow at a faster pace than other major emerging markets and economies."
In addition, the WB reports that India's low level of external debt and the stable positions of leaders in the financial and corporate sectors will lessen the impact of slowing global demand and rising interest rates. The negative effects of monetary tightening on domestic demand are expected to peak next year.
source: worldbank.org
