WORLD BANK SLASHES INDIA’S GDP FORECAST TO 8.3%

WORLD BANK SLASHES INDIA’S GDP FORECAST TO 8.3%

Subject: International Reports

Context: The World Bank on Tuesday has slashed India’s GDP forecast to 8.3 per cent for FY22, the fiscal year starting April 2021, as against its earlier estimate of 10.1 per cent.

Concept:

• The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second Covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.

Global Economic Prospects (GEP)

• GEP is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies.
• It is issued twice a year, in January and June.
• The January edition includes in-depth analyses of topical policy challenges while the June edition contains shorter analytical pieces.