India's 2023 growth forecast is raised by UNCTAD to 6.6%
India's economic growth is expected to increase by 6.6% in 2023, according to the United Nations Conference on Trade and Development (UNCTAD), up from the earlier prediction of 6%. However, it anticipates a slight slowdown to 6.2% growth in 2024.
Global Economic Outlook
UNCTAD expects global economic output growth to decelerate to 2.4% in 2023 but shows a modest uptick to 2.5% in 2024.
It claims that the world economy is currently moving at "stall speed," and that the estimate for 2023 meets the requirements for a worldwide recession.
The recovery from the pandemic remains divergent worldwide, with some countries showing resilience while others face significant challenges.
India’s Economic Factors
India’s FY23 economic growth was 7.2%, according to UNCTAD.
External and domestic factors, alongside government and private sectors, have contributed to India’s growth, partly driven by changes in trade flows.
Despite the growth recovery, indicators like unemployment rates and rising inequality are concerns for India.
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