World Bank Cuts GDP Rate: After the RBI, now the World Bank has reduced the estimate of the country’s economic growth rate in the current financial year 2022-23. According to the World Bank, India’s GDP is estimated to be 6.5 percent this year. Earlier, in June 2022, the World Bank had projected GDP to be 7.5 percent.
Ahead of the meeting of the International Monetary Fund (IMF) and the World Bank, the South Asia Economic Focus Report has been released in which the World Bank has said these things. However, he believes that India is recovering faster than the rest of the world. World Bank Chief Economist for South Asia Hans Timmer said that India has performed better than other countries of South Asia in terms of growth after a sharp decline in the first phase of Kovid. He said that India does not have any foreign debt which is a positive thing. At the same time, he said that India’s performance in the services sector, especially in the field of service export, has been better.
According to Hans Timmer, the global situation is affecting all the countries including India, due to which the growth rate estimate has to be reduced. He said that there are signs of slowdown in the world economy. The second half is going to be weak for India along with other countries. He said that there are two reasons for this. First, the pace of growth of the economy of high-income countries is slowing down, while debt is becoming expensive due to tight monetary policy, due to which capital outflow is being seen from developing countries.
Earlier, in the monetary policy announced by RBI on September 30, 2022, it has projected 7 percent GDP in 2022-23.
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