The World Bank has lowered its FY22-23 GDP forcast for India to 7.5%. Earlier the bank has estimated India’s GDP to be at 8.7% for the fiscal but in its recent Global Economic Prospect report it has shown concerns of inflation, geopolitical tension and supply chain disruption for Indian economy and predicted a lower GDP growth.
World Bank in its report further predicts Indian GDP to shrink to 7.1% during FY23-24 and 6.5% during FY 24-25.
The report shows concern of slow down in economic activities in India.
Source: World Bank