Indian Economy expected to grow by 5.8% in 2023 & 6.7% in 2024, says World Economic Situation & Prospects report released by UN

The World Economic Situation and Prospects report released by the United Nations has reposed its faith in the Indian economy. The report said that India is expected to grow by 5.8 percent in 2023 and 6.7 percent in 2024. With this, India is expected to remain the fastest-growing major economy in the world. The growth will be supported by resilient domestic demand. 

The UN report said that India remains a bright spot amid global economic uncertainty. It said that inflation in India is expected to decelerate to 5.5 percent in 2023



with the moderation of global commodity prices and slower currency depreciation.

The report said that economic growth in India is expected to remain strong while the prospects for other South Asian nations are more challenging.  Since India's inflation is about 5.5 percent, India will have significant room for both fiscal expansion and monetary accommodation to support the domestic demand. The report said the world economy is projected to grow by 2.3 percent in 2023 and 2.5 percent in 2024.