The published its June 2021 Global Economic Prospects. It predicts that India’s GDP will grow by 8.3 percent in 2021-22. The Indian economy is expected to grow at a rate of 7.5 percent in 2022-23 and 6.5 percent in 2023-24.
Highlights:
The global economy is expected to grow at a rate of 5.6 percent, the fastest rate of post-Recession Growth in eighty years.
However, global output will still be 2% lower than pre-pandemic projections by the end of the year.
Indias recovery has been hampered by the largest outbreak in any country since the pandemic began
The forecast for FY22 (8.3 percent) accounts for expected economic damage from a massive second Covid-19 wave and localised mobility restrictions beginning in March 2021.
Growth is expected to slow to 7.5 percent in 2022-23 as a result of the pandemic’s effects on the financial position of households, businesses, and banks.