Indian Economic Growth: The United Nations has raised India’s economic growth rate to 6.9 percent for 2024. Earlier in January, the UN projected India’s GDP growth for 2024 at 6.2 percent.
India’s economy
The United Nations has raised India’s economic growth rate to 6.9 percent for 2024. Earlier in January, the UN projected India’s GDP growth for 2024 at 6.2 percent. India’s economy will continue to grow on the back of strong public investment and private consumption, said a report released by the United Nations on Thursday. The United Nations on Thursday released a report on ‘Global Economic Conditions and Prospects to Mid-2024’.
What will the global economy look like in 2024?
The United Nations has predicted that the world economy will grow by 2.7 percent in 2024. The forecast is indicative of better performance in the US and several emerging economies, including Brazil, India and Russia.
According to a new estimate from the UN’s ‘Global Economic Situation and Prospects 2024’, the global economy is expected to grow by 2.7 percent this year. In the January report, it was forecast to grow by 2.4 percent.
The world economy is now projected to grow by 2.7 per cent this year, or up 0.3 percentage points from the forecast in January, @UNDESA says in its #WorldEconomyReport update.https://t.co/ZMPvQ8T8gn
— UN News (@UN_News_Centre) May 16, 2024
Growth is expected to reach 2.8 percent in 2025, the report said. Growth of 2.7 percent in 2024 is projected to be on par with growth in 2023, although lower than the three percent growth rate in 2020 before the onset of Covid-19.
“Our projections are optimistic,” Shantanu Mukherjee, director of the UN Economic Analysis and Policy Division, told a press conference presenting the report.
Political tensions can challenge economic growth
Developing economies are growing faster than developed economies. The report states that growth is not uniform across developing countries. It said major developing economies such as India, Indonesia and Mexico are benefiting from domestic and external demand, while many African, Latin American and Caribbean economies are lagging due to political instability, debt costs and exchange rates.
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