United Nations, January 17 (SocialNews.XYZ) The World Bank predicts that India’s economic growth rate for the next fiscal year starting in April will be 6.7%, slightly higher than this year, and will continue to be the country’s top growth rate.
The World Economic Outlook released by Word Bank on Thursday forecasts growth of 6.5% this fiscal year, down from 8.2% in the previous quarter.
However, the report said, “The services sector is expected to enjoy sustained expansion, and manufacturing will also strengthen, supported by government efforts to improve the business environment.” This pushed up the forecast growth of 6.7% for the fiscal year.
According to the World Bank, the global gross domestic product (GDP) growth rate will remain at 2.7% from 2023 onwards, and India is projected to be the world’s fastest growing large economy through 2026.
China is expected to follow suit, growing at 4.5% this calendar year, but slowing to 4% next year.
The world’s largest economy, the United States, grew at an estimated 2.8% last year, with growth expected to slow to 2.3% this year and 2% next year.
The report warned of risks to the global economy from trade tensions and higher tariffs, without naming incoming US President Donald Trump, who has threatened to upend global trade.
The report said “adverse changes in trade policies in major countries” could pose risks to India.
The World Bank’s forecast for India’s GDP growth is broadly in line with the United Nations’ forecast released last week of 6.6% this calendar year and 6.8% next year.
The World Bank said India’s growth rate fell from 8.2% in 2023-24 to 6.5% this year due to a “slowdown in investment and slower manufacturing growth.”
Source: IANS
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