World Bank has forecast that India would grow at the rate of 6.3 per cent during 2023-24 in its latest Global Economic prospects released in Washington a few days ago
The report also says that India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies
Greater than-expected resilience in private consumption and investment, and a robust services sector in India are supporting growth in 2023. Growth is projected to pick up slightly through FY26 as inflation moves back toward the midpoint of the tolerance range and reforms payoff.
The World Bank also said that after growing 3.1 per cent last year, the global economy is set to slow substantially in 2023, to 2.1 per cent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024 to 2.4 per cent, as per a report.