After the Lok Sabha elections, Narendra Modi has become the Prime Minister of the country for the third time. Meanwhile, a report from the World Bank has come on Tuesday. It has been said that in the next 3 years the whole world will see India's glory and India will create a new record in terms of GDP growth. Read this news...
Once again, the National Democratic Alliance (NDA) government has been formed in India. Narendra Modi has taken over the reins of the country for the third time as Prime Minister. Meanwhile, a report from the World Bank came out on Tuesday, which claimed that in the coming 3 years, the whole world will see the glory of India and its economy. India will create a new record in terms of GDP growth. This report of the World Bank is being seen as a global stamp on the continuity of the Modi government.
The World Bank said in a report released on Tuesday that India's GDP growth will remain stable at 6.7 percent in the next three years. This will keep it as the fastest growing economy in the world. The World Bank released its 'Global Economic Outlook Report' on Tuesday.
GDP growth may remain at 8.2 percent
According to the new World Bank report, the country's economic growth is expected to increase to 8.2 percent in the financial year 2023-24. This is 1.9 percent more than the previous estimate of the World Bank expressed in January 2024. India's economic growth is higher than the world average. According to the World Bank report, global economic growth is expected to remain stable at 2.6 percent in the year 2024. Global growth is expected to increase to an average of 2.7 percent in the next two years. Still, this is much less than the 3.1 percent of the decade before Covid-19.
The effect of covid will be seen on 80% of the population
Another important point made in the World Bank report is that during the financial year 2024-26, more than 80 percent of the world's population will be affected by COVID. In fact, during this period, the economic growth rate of countries with global GDP will be growing at a slower pace than the decade before COVID-19.
The economic growth in the South Asia zone was 6.6 percent in the year 2023. It is expected to slow down to 6.2 percent in the year 2024. The real reason for this slowdown may be the slowdown in India's economic growth rate in recent years. However, the World Bank believes that India's economic growth will remain stable during 2025-26. Due to this, the growth rate of the South Asia region is expected to be 6.2 percent. Among other economies of this region, growth in Bangladesh may be slightly slower than in previous years. On the other hand, Pakistan and Sri Lanka are expected to improve.
Inflation is expected to decrease soon
The World Bank report says that inflation at the global level is expected to come down to 3.5 percent in 2024 and 2.9 percent in 2025. However, this pace of softening of inflation is slower than six months ago. In such a situation, many central banks of most countries of the world may exercise caution regarding reducing policy rates in the coming time. The World Bank said that inflation in India has remained within the Reserve Bank's prescribed range of two to six percent since September 2023.
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