The World Bank Slashes the Growth of India Forecast
On Tuesday, 8/06/2021, the World Bank slashed its 2021-22 GDP growth forecast for the economy of India to 8.3% from 10.1%, estimated in April. According to the World Bank, the economic recovery is hampered by the coronavirus infection’s devastating second wave.
The World Bank projected a 7.5% economic growth in 2022-23 fiscal, ( April 20222 – March 2023).
The global lender based in Washington said that an enormous second wave in India of COVID-19 is undermining the sharper than ever expected rebound in activity seen during the second half of the fiscal year 2020-21. This was said in the latest issue of Global Economic Prospects.
“India’s recovery is being impeded by the greatest outbreak of any nation since the start of the pandemic” as quoted by the World Bank.
The projected growth is the worst contraction of 7.3% witnessed in the fiscal year that ended on March 31, 2021( FY21) and 4% expansion in 2019-20.
The World Bank had forecast a 10.1% growth in India’s GDP for FY22, in this year, in April. This was higher than 5.4% in January. But the projections have been slashed. Also, according to multilateral lending, India’s GDP is likely to grow by 6.5% in 2023-24.
On March 31, the World Bank said that India’s economy has bounced back amazingly from the pandemic of COVID-19 and the lockdown nationwide over the last year.
On Tuesday, India reported less than 1 lakh cases of new coronavirus after a gap of around 63 days. The positivity rate also dropped to 4.62%. A single day spike of around 86,498 cases was observed and registered. The lowest in 66 days, and it took the COVID-19 cases to 2,89,96,473.
After a 63-day hiatus, India recorded less than one lakh new coronavirus infections on Tuesday, with the daily positive rate falling to 4.62%.
The number of Covid-19 instances increased by 86,498 in a single day, the lowest in 66 days, bringing the total number of cases to 2,89,96,473.
With 2,123 daily fatalities, the Covid-19 death toll climbed to 3,51,309, the lowest in 47 days.