The report notes that, Global economic Growth will decrease sharply to 4.1% in 2022 and 3.2% in 2023, from 5.5% in 2021.
It projects Indias annual growth to be 8.3% in the fiscal year 2021-2022, 8.7% in 2022-23, while 6.8% in 2023-24.
It also flagged the risks posed by rising and growing inequality.
It noted that, after having recovered in 2021, global economy is headed towards pronounced slowdown, because of new Covid-19 variants, increasing inflation, debt & income inequality, reducing fiscal & monetary support and decreasing demand.