New Delhi, After the RBI, now the World Bank has reduced the forecast of the economic growth rate of the country in the current financial year 2022-23. According to the World Bank, India’s GDP is estimated to be 6.5 percent this year. Earlier, in June, 2022, the World Bank predicted GDP to be 7.5 percent.
The South Asia Economic Focus Report has been released before the meeting of the International Monetary Fund and the World Bank in which the World Bank has said this. But he believes that India is recovering fast compared to the rest of the world.
The World Bank’s Chief Economist for South Asia said that India has performed well compared to other South Asian countries in terms of growth after the sharp decline in the first phase of Covid. He said that India has no more foreign debt which is a positive thing. He also said that India’s performance has been good in the service sector, especially in the service export sector.
The global situation is affecting all countries, including India, due to which the growth rate forecast has to be lowered. He said that there are signs of slowdown in the world economy. There are two reasons for that.
First, high-income countries’ economies are slowing down, while tight monetary policy is making loans more expensive, leading to capital outflows to developing countries. Earlier, the Reserve Bank of India also announced the monetary policy on September 30, 2022, in which it predicted 7 percent of GDP in 2022-2023. HS1MS