Paris-based Organisation for Economic Co-operation and Development (OECD) decreased India’s growth forecast to 9.4% for FY22 from 9.7% estimated in September 2021. It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5% in FY24. OECD lowered the global growth forecast for 2021 to 5.6% from 5.7% earlier.
According to OECD, low-skilled domestic migrants and urban workers, who faced the brunt of employment shocks in both waves of the pandemic in India, have yet to see their earnings return to pre-pandemic levels.
Important takeaways for all competitive exams:
- OECD Secretary-General: Mathias Cormann;
- OECD Headquarters: Paris, France;
- OECD Founded: 30 September 1961.