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UN raises India's 2024 growth forecast to nearly 7%
The Business Guardian
|May 18, 2024
The United Nations has revised its growth projections for India’s economy in 2024, now forecasting an expansion of close to seven percent. This upward revision, detailed in the World Economic Situation and Prospects (WESP) mid-2024 report released on Thursday, attributes the robust growth to strong public investment and resilient private consumption.
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India’s economy is expected to grow by 6.9 percent in 2024 and 6.6 percent in 2025. This marks an increase from the 6.2 percent GDP growth projected by the UN in January 2024. Despite subdued external demand impacting merchandise exports, sectors like pharmaceuticals and chemicals are anticipated to see significant growth.
The report also projects a deceleration in India’s consumer price inflation from 5.6 percent in 2023 to 4.5 percent in 2024, aligning within the central bank’s target range of two to six percent. Similarly, inflation rates across other South Asian countries are expected to decline further in 2024, ranging from 2.2 percent in the Maldives to 33.6 percent in Iran. Nonetheless, food prices have remained elevated in the first quarter of 2024, particularly in Bangladesh and India.
This story is from the May 18, 2024 edition of The Business Guardian.
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