World bank cuts economic growth forecast for fy 2023 effect of inflation

New Delhi : The World Bank has reduced India's economic growth forecast for the current financial year to 7.5 percent. Earlier, it had projected India's economic growth rate of 8.7 percent in 2022-23. The World Bank in its report on global economic prospects - Global Economic Prospects on Tuesday said that it has forecast India's growth rate in view of the challenges posed by rising inflationary pressures, supply chain constraints and geopolitical tensions. has reduced.

The World Bank estimates that India's growth rate can be 7.1 percent in the financial year 2023-24 as well. This is 0.30 percent higher than its previous estimate. The previous estimate was 6.8 percent. The report estimates that the year 2024-25, India's GDP growth may be 6.5 percent.

The World Bank has also lowered the growth forecast for the global economy for 2022 from 4.1 percent to 2.9 percent. The World Bank has said in its report that global growth may decline from 5.7 percent in 2021 to 2.9 percent in 2022. In this global financial organization, in January, the global economic growth of 2022 was estimated at 4.1 percent.