India to remain fastest-growing economy: World Bank
India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies, said the World Bank in its latest “Global Economic Prospects” report. It retained India’s FY24 growth forecast at 6.3 per cent.
Greater than-expected resilience in private consumption and investment, and a robust services sector in India are supporting growth in 2023. Growth is projected to pick up slightly through FY26 as inflation moves back toward the midpoint of the tolerance range and reforms payoff.
The World Bank also said that after growing 3.1 per cent last year, the global economy is set to slow substantially in 2023, to 2.1 per cent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024 to 2.4 per cent, as per a report.
Source: Exim News Service: Washington, June 7