World Bank Retains India's Growth Projection At 8.3% For FY22

World Bank’s forecast of 8.3 per cent growth is, however, lower than the government’s first advance estimates of GDP of 9.2 per cent and 9.5 per cent projected by the Reserve Bank of India

The World Bank also predicted that global growth will slow down to 4.1 per cent this year from an estimated 5.5 per cent in 2021. Image: Getty

New Delhi: The World Bank has retained India’s economic growth estimate at 8.3 per cent for FY22, according to World Bank’s Global Economic Prospects report.

The World Bank has kept the country’s growth estimate unchanged at 8.3 per cent as projected by the World Bank in its last report released in October 2021.

World Bank’s forecast of 8.3 per cent growth is, however, lower than the government’s first advance estimates of GDP of 9.2 per cent and 9.5 per cent projected by the Reserve Bank of India.

According to the report, India to see robust economic growth in the current fiscal year as well as in the next fiscal year compared to its immediate geographic neighbours. 

The report said Bangladesh is expected to grow at 6.4 and 6.9 per cent in 2021-22 and 2022-23, respectively, while Nepal’s growth is expected to be at 3.9 per cent this fiscal and at 4.7 per cent in the next financial year. Pakistan’s economy will grow by 3.4 per cent in the current fiscal and at 4 per cent in 2022-23.

The World Bank report said that the global economic growth will ‘decelerate markedly’ this year because of the fresh outbreak of Covid cases and supply chain snarls persist. At the same time, the support programmes unveiled by several governments are about to end, it added.

The World Bank also predicted that global growth will slow down to 4.1 per cent this year from an estimated 5.5 per cent in 2021. However, it warned Omicron-led economic disruptions could substantially reduce growth to as low as 3.4 per cent.