India’s economic growth is expected to be 8.3% in the current financial year and 8.7% in 2022-23, according to the World Bank’s “Global Economic Outlook” report. published today.
The 8.3% GDP growth forecast for the current fiscal (2021-22) is the same as the World Bank forecast in its final forecast released in October 2021.
The report suggests that the growth rate of the Indian economy in the current as well as next fiscal year will be stronger than that of neighboring countries in terms of geography.
Bangladesh is expected to grow at 6.4 and 6.9% in 2021-22 and 2022-23 respectively, while Nepal’s growth is expected at 3.9% in the year this financial year and 4.7% in the following financial year. The report says Pakistan’s economy will grow by 3.4% in the current fiscal and 4% in 2022-23.
Global economic growth will “decelerate markedly” this year as the coronavirus outbreak and supply chain difficulties continue, a World Bank report said. At the same time, support programs announced by several governments are coming to an end, it added.
It further predicted that global growth would slow to 4.1 percent this year from an estimated 5.5 percent in 2021, but warned “Omicron-related economic disruptions could reduce significant growth” to a low of 3.4 percent.
For India, however, successive World Bank forecasts signaled a post-pandemic recovery. On March 31, the bank said India’s real GDP growth in the 21-22 financial year could range from 7.5 to 12.5%.
In April-May, India grappled with a second wave of the deadly coronavirus pandemic with more than 3,00,000 new cases a day, sending hospitals and health systems to work due to a lack of medical oxygen and hospital beds. . A wide range of economic activities were hit hard during this period.
After reviewing the second COVID-19 shock, the World Bank, in its South Asian Economic Spotlight report released in early October, said the Indian economy is poised to grow by 8.3%. . The economy of South Asia is forecast to grow by 7.1%.
Surprisingly, according to the first advance estimate released by the Department of Statistics and Programs on January 8, India’s GDP growth could be 9.2% in the current fiscal.
This forecast is lower than the forecast of the Reserve Bank of India (RBI), which in December said GDP growth rate could be 9.5% for the current fiscal.