RNS: The World Bank has reiterated its confidence in the Indian economy. According to a report by a major international financial institution, India’s economy is projected to grow at a faster rate than that of the seven largest emerging markets and developing economies. In spite of the World Bank’s grim forecast for the global economy, it predicted that India’s economy would expand by 6.6% in the coming fiscal year.
According to the report, a worldwide economic recession is a real possibility for this year. It predicted slower expansion in the United States, Europe, and China, the world’s three largest economies.
The World Bank stated that robust private consumption and fixed investment growth contributed to India’s 9.7 per cent annual growth in the first half of the fiscal year 2022-23.
The World Bank also slashed its forecast for global growth this year by nearly half to just 1.7 per cent from its previous projection of 3 per cent.
