World Bank raises India's growth forecast to 6.9%

Tribune News Service

New Delhi, December 6

The World Bank has revised its 2022-23 GDP forecast upwards to 6.9 per cent from 6.5 per cent made in October, “considering a strong outturn in India in the second quarter (July-September)”, said its latest India development update “Navigating the Storm”.

6.5% previous FY23 projection in October

6.6% forecast for economy in FY24 fiscal

“India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies,” said World Bank’s India Country Director Auguste Tano Kouame on Monday. However, continued vigilance was required as adverse global developments persisted, he cautioned. The report “Navigating the Storm” says the deteriorating external environment will weigh on India’s growth prospects, but the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.

The report forecasts that the economy will grow at a slightly lower rate of 6.6 per cent in the next fiscal. A disconcerting trend is the widening of the current account deficit (CAD).

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