New Delhi: The UN Conference on Trade and Development (UNCTAD) has downgraded the Gross Domestic product (GDP) growth rate of India for 2022. As per a report by the UNCTAD, Indian will have a GDP growth rate of 4.6% . Earlier it was projected at 6.7%.
The UN agency also reduced the global economic growth projection for 2022 to 2.6% from 3.6%. The report has downgraded the GDP growth of the US from 3% to 2.4%, China to 4.8% from 5.7% and Russia to -7.3 % from 2.3% .
The UN agency reduced the growth rate due to the Russia- Ukraine war. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.