How much percent did World Bank cut its 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India in its latest Global Economic Prospects report?

Solution

The World Bank in its latest Global Economic Prospects report, cut its 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 7.5 per cent, from 8 per cent. The cut was on the back of inflationary pressures, supply-chain pressures, and geopolitical tensions due to Russia’s invasion of Ukraine. Growth is expected to slow further to 7.1 per cent in 2023-24. World Bank also lowered its global growth forecast for calendar year 2022 to 2.9 per cent from 4.1 per cent. Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).