Remarkably resilient: World Bank ups FY23 India growth forecast to 6.9%

Says strong macro fundamentals place country in good stead

The World Bank on Tuesday raised its gross domestic product (GDP) growth forecast for India for the current financial year (FY23) to 6.9 per cent from 6.5 per cent because of the economy’s relative resilience to external headwinds and the ‘strong outturn’ in the September quarter, it said.
 

This comes after a spate of downgrades earlier by banks and multilateral institutions. The World Bank, too, had cut India’s FY23 GDP forecast to 6.5 per cent from 7.5 per cent in October. In fact, this was the first upgrade of India’s growth forecast by any multilateral agency in FY23. The World