London: The World Bank has reduced the economic growth forecast for India. The World Bank lowered the growth rate to 8% from 8.7% for the current fiscal year. The international lender announced this after reviewing the high inflation due to Russia-Ukraine war.
The World Bank raised its growth forecast for Pakistan, for the current year ending in June, to 4.3% from 3.4% and kept next year`s growth outlook unchanged at 4%. It slashed this year`s growth forecast for Maldives to 7.6% from 11% and raised Sri Lanka`s 2022 growth forecast to 2.4% from 2.1%.
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Meanwhile, the Asian Development Bank (ADB) said that India will have a growth rate of 7.5% in 2022-23. The ADB had said that India’s growth in the next fiscal year 2023-24 will accelerate further to 8%, though China will witness a deceleration in growth to 4.8% in 2023.
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