The World Bank on June 11 released the ‘Global Economic Prospects’ report 2024.
- It predicted that India is set to remain the fastest-growing major economy globally, though its growth rate is expected to slow.
- The report maintained the GDP growth forecast for India at 6.6 per cent for FY25.
- This moderation is mainly due to a slowdown in investment from a high base. However, investment growth is still expected to be stronger than previously envisaged and remain robust over the forecast period, with strong public investment accompanied by private investment.
- Global growth is projected to hold steady at 2.6% in 2024 before edging up to an average of 2.7% in 2025-26.
- Over the next three years, the forecast suggests that countries representing over 80 per cent of the world’s population and GDP will experience slower growth compared to the pre-pandemic decade.
