Recent Economic Trends
World Bank raises India’s growth projection to 6.9%
- The World Bank has released the India Development Report titled ‘Navigating the Storm’.
- The World Bank raised its gross domestic product (GDP) growth forecast for India during the current financial year (FY23) to 6.9 per cent from 6.5 percent, citing the economy’s relative resilience to external headwinds, and a strong out-turn in the second quarter of the current financial year.
- After three downgrades in its 2022-23 GDP growth estimates, Bank reverses course, citing strong Q2 growth and strong demand at start of Q3; report lauds strong macroeconomic fundamentals.
- Previously, the World Bank had cut India’s FY23 GDP forecast to 6.5 per cent from 7.5 per cent in October 2022, which came in the wake of a series of growth downgrades by rating agencies, investment banks and other multilateral institutions.
About World Bank
- Formation – December 1945
- President – David Malpass
- Headquarters – Washington D.C.