National Desk:
There are many estimates of India's economic growth rate. At the same time, global institutions have been focusing on the fact that India will remain the fastest growing economy. Now another global body, the United Nations, has released its estimates for India's economic growth rate. The expectations, however, are lower than the 2022 figures.
The United Nations on Wednesday estimated that India's gross domestic product (GDP) could remain at 5.8 per cent in fiscal 2023. High interest rates and the global economic slowdown are putting pressure on investment and exports and this will have an impact on India's economic growth rate. However, the UN expects the country's economic growth to remain "robust" while prospects for other South Asian countries are "more challenging".
The 'Global Economic Situation and Prospects-2023' report said global output growth is forecast to fall to 1.9 per cent in 2023 from a projected three per cent in 2022, one of the lowest growth rates in recent decades. The report blamed the situation on the COVID-19 pandemic and the Russian-Ukrainian war, which led to food and energy crises and increased inflation.
“Growth in India is expected to remain at 5.8 per cent, though slightly lower than the 6.4 per cent projected in 2022, as investment and exports are under pressure from higher interest rates and the global slowdown,” the report said.
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