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UN slashes India’s GDP growth rate

New Delhi: The UN Department of Economic and Social Affairs has reduced the GDP growth rate of India. The UN body said that the GDP growth rate of India will be 6.4%. Last year it was at  8.8%. As per the World Economic Situation and Prospects (WESP) report released by the UN Department of Economic and Social Affairs, Indian economy is the fastest-growing major economy.

‘India, the largest economy in the region, is expected to grow by 6.4 per cent in 2022, well below the 8.8 per cent growth in 2021, as higher inflationary pressures and uneven recovery of the labour market will curb private consumption and investment’, the report said. For the fiscal year 2023, India’s growth is forecast to be 6%.

Also Read: Private sector bank hikes lending rates 

The global economy is now projected to grow by only 3.1% in 2022, down from the 4.0% growth forecast released in January 2022. Global inflation is projected to increase to 6.7% in 2022, twice the average of 2.9% during 2010-2020, with sharp rises in food and energy prices. The regional economic output is projected to expand by 5.5% in 2022, which is 0.4% points lower than the forecast released in January.



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