According to the most recent World Bank study on global economic recovery following the COVID-19 pandemic, India’s GDP growth will be 8.3 percent in fiscal year 2021-22. The growth forecast has been reduced from 10.1 percent in April owing to the country’s second wave of the COVID-19.
Further, The Washington-based global lender upped India’s growth projection to 5.4 percent in its South Asia Economic Focus report in April, up from 5.4 percent in January. The global lender also forecasted India’s real GDP growth rate for the same time to range between 7.5 and 12.5 percent.
The World Bank forecasts India’s growth rate for FY23 to be 7.5 percent. This compares to its 5.8 percent projection for the same time in April and 5.2 percent projected in January. For FY24, the forecasted growth rate is expected to stay at 6.5 percent.
However, the RBI forecasted India’s real GDP growth rate at 9.5 percent in fiscal year 2021-22 in its recently issued Annual Report. Other rating agencies have predicted a faster growth rate for India in FY22. Moreover, CRISIL expects India’s growth rate to be 9.5 percent, while Moody’s expects it to be 9.3 percent and Nomura expects it to be 10.8 percent. Among bankers, the State Bank of India recently forecast 7.9 percent growth for India, Barclay’s expected 9.2 percent growth, and HSBC expected an 8 percent growth rate.
According to the World Bank, the global economy will rebound at the quickest post-recession rate in 80 years. According to the research, the global economic recovery would rely on “strong returns from a few big economies.” According to the research, China will grow at an annual rate of 8.5 percent this year.
The World Bank forecasts worldwide economic growth of 5.6 percent in 2021, up from -3.5 percent in 2020. According to the research, the global economic recovery would rely on “strong returns from a few large economies,” such as the United States and China.
