WB pegs FY24 GDP growth at 6.3%
India continues to show resilience against the backdrop of a challenging global environment; South Asia is expected to grow 5.8% this year, higher than any other developing country region
Post-Pandemic Rebound Fading
♦ India’s post-pandemic economic rebound is now fading
♦ However, growth is expected to remain stronger than large emerging markets and developing economies
♦ India’s GDP may grow 6.4% in FY25
The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment. In India, which accounts for the bulk of South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
On inflation, the report said, it is expected to decrease gradually as food prices normalize and government measures help increase the supply of key commodities. The World Bank said South Asia is expected to grow 5.8 per cent this year—higher than any other developing country region in the world, but slower than its pre-pandemic pace and not fast enough to meet its development goals. Relative to the spring forecast, growth in 2023 has been upgraded by 0.2 percentage points due to stronger-than-expected data in India.
“The World Bank is forecasting that the region will grow more quickly than any other developing country region over the next few years,” said Martin Raiser, vice-president, South Asia Region, World Bank.
