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World Bank’s ‘Global Economic Prospects’ Report

World Bank’s Global Economic Prospects’ Report was released on January 11, 2022.
World Bank’s ‘Global Economic Prospects’ Report
World Bank’s ‘Global Economic Prospects’ Report

The report notes that, Global economic growth will decrease sharply to 4.1% in 2022 and 3.2% in 2023, from 5.5% in 2021.
It projects India’s annual growth to be 8.3% in the fiscal year 2021-2022, 8.7% in 2022-23, while 6.8% in 2023-24.
It also flagged the risks posed by rising inflation and growing inequality.
It noted that, after having recovered in 2021, global economy is headed towards “pronounced slowdown”, because of new Covid-19 variants, increasing inflation, debt& income inequality, reducing fiscal & monetary support and decreasing demand.
In the outlook for South Asia, India stands at a relatively bright spot. World Bank’s projection of 8.3% in India in 2021-22 is unchanged from its June 2021 report. However, forecast for 2022-23 and 2023-24 has been changed to 8.7% and 6.8%, respectively. It reflects higher investment from private sector and in infrastructure.
As per advance estimates from statistics office, India’s economy is likely to grow by 9.2% in the financial year 2021-22.

Published date : 17 Jan 2022 02:47PM

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