Buzz Update The World Bank has lowered India’s growth forecast to 8 percent TOU

Buzz Update The World Bank has lowered India’s growth forecast to 8 percent

 TOU

The World Bank has lowered India’s growth forecast to 8 percent

Tribune News Service

New Delhi, April 13

Citing the war in Ukraine, the World Bank has lowered India’s growth forecast for the current financial year from 8.7% to 8%. It expects 7.1% GDP growth for the 2023-2024 financial year.

The bank said the war in Ukraine would slow the recovery of South Asian countries from the economic devastation caused by the Kovid epidemic, but said the impact on India would be moderate.

India has been very successful in producing and exporting services which are positive surprises in the field of digital services. The bank suggested that India should expand its direct income support program instead of subsidizing food and other essentials.

In India, the incomplete recovery of the labor market from the pandemic, inflationary pressures and worsening supply constraints is hurting home consumption.

However, the World Bank has raised Pakistan’s growth forecast for the current year ending June from 3.4% to 4.3%.

It raised Sri Lanka’s 2022 growth forecast from 2.1% to 2.4% per day, after the Central Bank of Sri Lanka said it was “challenging and impossible” to repay external debt. This reduced the Maldives’ growth forecast from 11% to 7.6% as tourist arrivals from Russia and Ukraine declined.

Ukraine war to slow recovery

  • The bank said the war in Ukraine would slow the recovery of South Asian countries from the economic devastation caused by the Kovid epidemic, but said the impact on India would be moderate.
  • The bank suggested that India should expand its direct income support program instead of subsidizing food and other essentials
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