World Bank, ADB slash India growth projection
Global growth is expected to slow down in 2023 to 1.8%. At the same time, central banks worldwide continue to raise benchmark lending rates to tame inflation.
Published: 05th April 2023 11:15 AM | Last Updated: 05th April 2023 11:15 AM | A+A A-
World Bank Building. (Photo | AFP)
NEW DELHI: The World Bank and the Asian Development Bank have slashed India’s growth forecast for financial year 2024 citing slowdown in consumption as a major challenge. The World Bank now projects India’s GDP to moderate to 6.3% against its earlier estimate of 6.6%, while ADB pegs it at 6.4%, against 7.2% estimated earlier.
Global growth is expected to slow down in 2023 to 1.8%. At the same time, central banks worldwide continue to raise benchmark lending rates to tame inflation. The World Bank said the turmoil in the financial sector in the US and Europe could have implications for India. Meanwhile, the ADB said any worsening of geopolitical tensions is likely to exert further downward pressure on global demand, denting India’s growth rate.
