Saturday, 20 April 2024
Trending
EconomyIndia

The World Bank forecasts 7.5% GDP growth for India in 2024

  • The World Bank has updated its estimates, putting the Indian economy at 7.5% growth in 2024.
  • India’s strong economic growth and the recovery in Pakistan and Sri Lanka are the primary drivers of this increase.
  • Pakistan’s GDP is predicted to expand by 2.3% in FY24/25 as business confidence increases.

The World Bank has updated its estimates, putting the Indian economy at 7.5% growth in 2024and South Asia‘s growth at 6.0%. India’s strong economic growth and the recovery in Pakistan and Sri Lanka are the primary drivers of this increase.

With growth predicted to reach 6.1% in 2025, South Asia is predicted to continue being the world’s fastest-growing area for the following two years.

GDP Growth

With strong growth predicted for both industry and services, India’s output growth is predicted to hit 7.5% in FY23/24 and then drop to 6.6% in the medium run. Pakistan‘s GDP is predicted to expand by 2.3% in FY24/25 as business confidence increases, while Bangladesh’s output is predicted to increase by 5.7%.

In 2025, it is anticipated that Sri Lanka’s output growth will pick up to 2.5 percent, helped by moderate recoveries in reserves, remittances, and tourism.

In the medium term, South Asia’s economic prospects are still promising, but there are some concerning signs of impending climate shocks and precarious fiscal conditions. Countries must implement policies to increase private investment and support employment development if they want to make growth more resilient.

The chief economist for South Asia at the World Bank, Franziska Ohnsorge, feels that the region is not making the most of its demographic dividend. The region’s output could increase by 16% if it utilized the same proportion of the working-age population as other rising markets and developing economies.

India’s economy was surprised to the positive in the fourth quarter of 2023, growing 8.4% over the previous year. After a peak in mid-2023, inflation has been within the Reserve Bank of India’s target range of 2-6%, and the policy rate has not moved since February 2023.

In December 2023, domestic loan issuance to the business sector increased by 14% (year over year) in India, as financial conditions have remained favorable.

Related posts
IndiaPolitics

Commotion Between DMK and NTK Candidate in Election Booth

Karthikeyan protested before the media that the DMK public and the cops halted him and didn’t…
Read more
IndiaLivePolitics

India's Lok Sabha Election 2024 Latest Updates

On April 19, 102 constituencies and 21 states held their first round of voting in the 2024 Lok Sabha…
Read more
AfricaEconomy

Kashim Shettima Now Expressed that Nigeria will Become a Major Economy Under Tinubu

VP said the organization is prepared to establish an empowering climate for both native and…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

FestivalLatest NewsMiddle East

Will the nine-day Eid holiday be extended to the private sector as well?

Worth reading...