World Bank estimates India’s GDP growth at 8.3% for FY12, 8.7% for FY2013 – World Affairs SRS

World Bank estimates India’s GDP growth at 8.3% for FY12, 8.7% for FY2013

– World Affairs SRS

The World Bank on Tuesday retained its FY12 growth forecast for India at 8.3 per cent, but raised it to 8.7 per cent for FY13 from 7.5 per cent.
“India’s economy is expected to grow by 8.3 per cent in the fiscal year ending March 2022, unchanged from the June 2021 outlook. The forecasts for FY2022/23 and FY2023/24 for India have been upgraded to 8.7 per cent and 6.8 per cent, respectively, reflecting higher investment in the private sector and infrastructure, and dividends from the ongoing reforms,” ​​it said in its latest Global said in. Economic prospects report.
The World Bank said the economic damage caused by the second Covid wave in India has already been recovered, with production effectively returning to pre-pandemic levels. “Contact-intensive sectors, such as businesses and hotels, however, are still below pre-pandemic levels,” it said.

According to the government’s statistics department, the economy is expected to grow at 9.2 per cent in FY12, lower than the International Monetary Fund and the Reserve Bank of India’s estimate of 9.5 per cent.
The World Bank said that the return of inflation in India towards the central bank’s target by the end of 2021 due to easing supply disruptions related to Kovid-19 and reduced demand. “In most economies, monetary and fiscal policy is expected to remain broadly favorable in 2022, but is expected to gradually shift focus to fiscal stability and lower inflation expectations,” it said.
The development organization said global GDP will probably grow by 4.1 percent in 2022, down from a forecast of 4.3 percent in June.
By 2023, annual output in all sectors including emerging market and developing economies is expected to remain below the pre-pandemic trend, while in advanced economies, the gap is projected to close, it said.
“There’s a serious recession going on out there,” Ayan Koss, chief economist at the Prospects Group at the institution, told Bloomberg. The global economy is “basically on two different flight paths: advanced economies soaring high; emerging market, developing economies flying somewhat lower and lagging behind.”
The global outlook has been clouded by what World Bank Group President David Malpass called “extraordinary uncertainty”. Downside risks include a renewed Covid-19 outbreak, the possibility of lowering inflation expectations and financial stress in the context of record-high debt levels.
The World Bank said that with limited policy space to provide support in emerging markets, risks increase the likelihood of a hard landing for their economies.

(with inputs from Bloomberg)

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