World Bank Curtails India’s GDP Growth Forecast By 1% For 22- 23
World Bank warns on the repercussions of the Russia-Ukraine war and said global monetary tightening will burden the economic outlook.
The World Bank curtail its growth forecast for India for 2022-23, on 6 October. It cut down to 6.5 per cent year-on-year from a previous estimate of 7.5 per cent.
Furthermore, along with warning about the repercussions of the Russia-Ukraine war and it said global monetary tightening will burden the economic outlook.
“Private investment growth is likely to be dampened by heightened uncertainty and higher financing costs,” the World Bank quoted in its twice-a-year report on South Asia.
Also, it noted that the country’s exports would be impacted due to slowing global demand.