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In News
- Recently, according to the forecast by the UNCTAD, India’s economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021.
Major Highlights of the report
- The country’s growth will further drop to 4.7% in 2023.
- Reasons being higher financing cost and weaker public expenditures.
- India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries.
- As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit and growth decelerated.
Forecast by other agencies
- Moody’s forecast is 7.7% for the calendar year 2022.
- Various other agencies have projected India’s growth to be in the range of 6.7% to 7.4% in FY23.
- The RBI’s real growth forecast for FY23 is 7%.
United Nations Conference on Trade and Development
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Source: BS
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