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The World Bank Predicts The Indian Economy Growth At 7.5% In 2024″.

The World Bank Predicts The Indian Economy Growth At 7.5% In 2024″.

By: Geetanjali

The World Bank on Tuesday, April 2, 2024, in its latest South Asia Development Update projected a growth rate of 7.5% for the Indian Economy for the year 2024. Revising its previous projection of 6.4% growth rate for the year 2024, which was published in January in their Global Economic Prospects.

As per the reports a strong growth rate of 6.0% for South Asia is also projected for the same year, mainly driven by post covid recovery and growth in India, Sri Lanka, and Pakistan, the World Bank said on Tuesday in its latest update.

Detailed South Asia Development Update report can be accessed through this link.

https://www.worldbank.org/en/news/press-release/2024/04/02/despite-strong-growth-south-asia-remains-vulnerable-to-shocks

Report mentioned South Asia is expected to remain the fastest growing region in respect of economic development for the next two years in the world. A growth rate of 6.1% for the year 2025, has been predicted by the World Bank for the South Asian block.

The World Bank in its report said, “In India, which accounts for the bulk of the region’s economy, output growth is expected to reach 7.5% in year 24 before returning to 6.6% over the medium term, with activity in services and industry expected to remain robust,”. While in Bangladesh, it is projected a growth rate of 5.7% in 2025, with economic activities constrained due to high inflation and restrictions imposed on trade and exchange.

Following the contraction in FY23, Pakistan’s economy is expected to grow by 2.3% in FY25 as business confidence improves. In Sri Lanka, output growth is expected to strengthen to 2.5% in 2025, with average recoveries in reserves, remittances, and tourism.

Martin Raiser, World Bank Vice President for South Asia said while tabling the report, “South Asia’s growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon,”. He added, “To make growth more resilient, countries need to adopt policies to boost private investment and strengthen employment growth,” .

“South Asia is failing right now to fully capitalize on its demographic dividend. This is a missed opportunity,” said Franziska Ohnsorge, World Bank Chief Economist for South Asia.

For detailed information on the South Asia Development Update Report, visit the official website, this is the direct link to the report.

https://www.worldbank.org/en/news/press-release/2024/04/02/despite-strong-growth-south-asia-remains-vulnerable-to-shocks

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