UNCTAD Increases India’s 2023 Growth Forecast to 6.6%

The United Nations Conference on Trade and Development (UNCTAD) has raised India’s economic growth forecast for 2023 to 6.6%, up from the 6% predicted earlier. However, it anticipates a slight slowdown to 6.2% growth in 2024.

Global Economic Outlook

• UNCTAD expects global economic output growth to decelerate to 2.4% in 2023 but shows a modest uptick to 2.5% in 2024.
• It characterizes the global economy as flying at “stall speed,” with the 2023 projection meeting the criteria for a global recession.
• The recovery from the pandemic remains divergent worldwide, with some countries showing resilience while others face significant challenges.

India’s Economic Factors

• India’s FY23 economic growth was 7.2%, according to UNCTAD.
• External and domestic factors, alongside government and private sectors, have contributed to India’s growth, partly driven by changes in trade flows.
• Despite the growth recovery, indicators like unemployment rates and rising inequality are concerns for India.

Month: Current Affairs - October, 2023

Category: Economy & Banking Current Affairs