The World Bank reveals a surprising resilience in the global economy, though shadows loom over the future, anticipating a third consecutive year of slowdown in 2024. After a robust rebound to 6.2% in 2021, global growth waned to 3.0% in 2022 and further to 2.6% in 2023. Projections indicate a continued deceleration to 2.4% in 2024 before a modest recovery to 2.7% in 2025, notably below the 3.1% average of the 2010s.
Despite India’s optimistic trajectory, the World Bank’s forecast for 2023-24 is a full percentage point lower than the government’s estimate, attributing it to a slight deceleration in investment and a tapering off of private consumption growth. The report underscores India’s post-pandemic recovery, emphasizing maintained robustness in investment, though private consumption is expected to ease due to diminishing pent-up demand and inflation constraints.
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