New Delhi: India remains fastest-growing major economy with an expected average growth of 6.7 per cent, including the 8.2 per cent growth recorded in FY24, over the next 3 years, the World Bank said in its latest Global Economic Prospects report. The multilateral lender said that global GDP growth is expected to remain steady at 2.6 per cent in the current year and inch up to 2.6 per cent in the next financial year.
JUST OUT: The global economy is expected to stabilize for the first time in 3 years in 2024—but at a level that is weak by recent historical standards.
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The global growth forecast indicates a slower pace of growth than the pre-COVID-19 pandemic for countries with over 80 per cent of the world’s collective GDP and population, said the World Bank.
South Asian growth prospects
The South Asian region is forecast to grow at 6.2 per cent in 2024 compared to 6.6 per cent in 2023, led by a moderation in India’s GDP, according to the report. This growth rate is expected to sustain over the next fiscal, said the report. Apart from India, Bangladesh is expected to report robust growth. Pakistan and Sri Lanka are expected to witness stronger growth.
India’s growth trajectory
“India will remain the fastest-growing of the world’s largest economies, although its pace of expansion is expected to moderate. After a high growth rate in FY2023/24, steady growth of 6.7 per cent per year, on average, is projected for the three fiscal years beginning in FY2024/25,” the report said. While investment growth is expected to slow down over a high base, it will remain robust led by public investment accompanied by the private investment said the report. India’s private consumption is expected to receive a fillip from a revival in farm production as well as moderating inflation, said the World Bank. India’s inflation has remained within the Reserve Bank of India’s comfort range of 2-6 per cent since September 2023, according to the report.
The Indian economy is expected to register 6.7 per cent average growth over the next 3 years, according to the World Bank’s Global Economic Prospects report. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
