The United Nations Department of Economic and Social Affairs (UNDESA) released a mid-year update of its World Economic Situation and Prospects report. The report has projected that the Indian Economy is expected to grow by 5.8% in 2023 and 6.7% in 2024.
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India will remain the fastest-growing major economy in the world. India’s economic growth will be supported by resilient domestic demand. India’s inflation is expected to decelerate to 5.5 percent in 2023 due to a decrease in global commodity prices and slower currency depreciation. As per the report, the world economy is projected to grow by 2.3 per cent in 2023 and 2.5 percent in 2024. The earlier forecast of world economic growth was 1.9 per cent for 2023.
The report highlights that the labour markets in the developed countries have shown remarkable resilience. Recently, Fitch Ratings said that India would be one of the fastest-growing sovereigns around the world. It forecasted 6 per cent gross domestic product growth for 2023-24.
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