The United Nations Department of Economic and Social Affairs (UN-DESA) in its ‘World Economic Situation and Prospects (WESP) Mid-year Update 2022’ report has declined India’s GDP (Gross Domestic Product) growth projections from 6.7% to 6.4% for 2022-23. For 2023-24, 6% GDP growth is forecasted for India as against 6.1%. In 2021, India’s economy grew at 8.8%. The growth outlook for South Asia is also downgraded by 0.4 percentage points to 5.5% in 2022.
About the report:
- The report said that the outlook in South Asia has deteriorated in recent months, against the backdrop of the ongoing conflict in Ukraine, and higher commodity prices and potential negative spillover effects from monetary tightening in the United States.
- In its World Economic Situation and Prospects report as of mid-2022, the UN’s department of economic and social affairs said global inflation is projected to increase to 6.7% in 2022, twice the average of 2.9% during 2010–2020, with sharp rises in food and energy prices.