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Investing.com -- On Wednesday, the World Bank reduced its economic growth projection for India, pointing to increasing global economic uncertainty that is likely to impact the majority of South Asian nations.
The international financial institution brought down its forecast for India’s economic growth by 0.4 percentage points.
The new prediction stands at 6.3% for the fiscal year that commenced on April 1. This is a downward revision from the World Bank’s previous forecast made in October.
In addition to India, the World Bank also lowered its growth predictions for most South Asian nations.
The reason given for this reduction was the "limited buffers to withstand global challenges."
The revised forecasts from the World Bank and the International Monetary Fund (IMF) are slightly lower than the 6.5% growth estimate provided by the Reserve Bank of India (NSE:BOI).
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