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World Bank revises India’s growth rate

New York: The World Bank has revised GDP growth forecast of India. The World Bank said that India will remain the fastest-growing large economy. According to the forecast, India is set to report 6.6%, 6.7% and 6.8% growth, respectively, in FY24, FY25 and FY26.

The Indian economy, buoyed by strong domestic demand, a surge in investment and robust services activity, is projected to grow an average of 6.7% per fiscal year from 2024 through 2026, making South Asia the world’s fastest-growing region.

By comparison, global growth is projected to hold steady at 2.6% in 2024 before edging up to an average of 2.7% in 2025 and 2026, respectively. That is well below the 3.1% average in the decade before covid-19.

‘The forecast implies that over the course of 2024-26 countries that collectively account for more than 80% of the world’s population and global GDP would still be growing more slowly than they did in the decade before covid-19,’ the World Bank said in its In its  Global Economic Prospects report.

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Overall, developing economies are projected to grow 4% on average over 2024-25, slightly slower than in 2023. Growth in low-income economies is expected to accelerate to 5% in 2024 from 3.8% in 2023.Meanwhile, growth in the South Asia (SAR) region is projected to slow from 6.6% in 2023 to 6.2% in 2024, mainly due to a moderation of growth in India from a high base in recent years, the World Bank said.

India’s GDP growth surpassed all expectations and stood at 7.8 percent in the January-March quarter.The full-year 2023-24 GDP growth has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent, data released by the Ministry of Statistics and Programme Implementation on May 31 showed. The country’s central bank expects India’s to grow at 7.2 percent in FY25.


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