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OECD raises FY24 India growth forecast to 5.9 per cent

The Organisation for Economic Cooperation and Development (OECD) has increased its growth projection for India by 20 basis points to 5.9% for the fiscal year 2024, according to its latest interim outlook report titled “Fragile Recovery.”

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More About The OECD’s India growth forecast:

The report also predicts that India’s GDP will grow by 6.9% in the fiscal year 2023, and around 7% in the following fiscal year, despite tighter financial conditions.

OECD’s Report: “Fragile Recovery”:

OECD raises FY24 India growth forecast to 5.9 per cent - The Economic Times

The report also highlighted some positive signs of improvement in the global economy, but warned that the outlook remains fragile due to risks such as the war in Ukraine, monetary policy changes, and pressures in global energy markets.

The OECD also cautioned that many emerging-market economies, including low-income ones, could face increasing difficulties in servicing their elevated debt and deficits as global interest rates rise.

What the other’s are projecting:

Fitch cuts India FY23 GDP growth forecast to 7%; world GDP growth at 2.4% | Business Standard News

Meanwhile, rating agency Crisil has projected India’s economy to grow at 6% in the same period, citing geopolitical events, high inflation, and rate hikes as the major challenges.

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