The United Nations (UN) has cut its GDP growth forecast for India for calendar year 2023 to 5.8 percent, citing the effect of tighter monetary policy and weak global demand. Growth in India is expected to remain strong at 5.8 percent, albeit slightly lower than the estimated 6.4 percent in 2022, as higher interest rates and a global slowdown weigh on investment and exports, the UN’s World Economic Situation and Prospects 2023 report, published, said.
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On Indian inflation, the UN report said headline retail inflation is expected to average 5.5 percent in 2023, down from 6.7 percent in 2022.
High and persistent inflation globally suggests scope for international coordination among central banks to minimise the negative spillover effects of aggressive monetary tightening on the global economy, especially among vulnerable developing countries.
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