Economic Buzz: World Bank Upgrades India GDP Growth Forecast To 6.9% For FY23

6 Dec 2022 , 01:52 PM

Indias economy has demonstrated resilience despite a challenging external environment, says the World Bank in its latest India Development Update, a World Bank flagship publication. The report titled ?Navigating the Storm?, finds that while the deteriorating external environment will weigh on Indias growth prospects, the economy is relatively well positioned to weather global spillovers compared to most other emerging markets. Impact of a tightening global monetary policy cycle, slowing global growth and elevated commodity prices will mean that the Indian economy will experience lower growth in 2022-23 financial year compared to 2021-22. Despite these challenges, the update expects India to register a strong GDP growth and remain one of the fasted growing major economies in the world, due to robust domestic demand. The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year. Indias economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies, said Auguste Tano Kouame, World Banks Country Director in India. ?However, continued vigilance is required as adverse global developments persist.? Powered by Commodity Insights