The World Bank has projected that while global economic growth rate is expected to dip from 5.5. percent in the current fiscal year to 4.1 percent in 2022 and 3.2 percent in 2023, India's economic growth is expected to be at 8.3 percent in 2021, and at 8.7 percent and 6.8 percent in 2022 and 2023, respectively.
These numbers were released in the World Bank's "Global Economic Prospects" report, which was published on Monday, 11 January.
| Year | Global Growth | India's Growth |
| Current Year | 5.50% | 8.30% |
| 2022 | 4.10% | 8.70% |
| 2023 | 3.20% | 6.80% |
The report added that India's economic growth rate would be faster compared to its South Asian neighbours.
While it is anticipated that Bangladesh's economy will grow at 6.4 percent and 6.9 percent in 2021-22 and 2022-23, respectively, the numbers for the same in Nepal's case are at 3.9 percent and 4.7 percent, respectively.
Pakistan's economy, on the other hand, according to the same report, will grow by 3.4 percent and 4 percent in the current and next fiscal years.
Additionally, the forecast for China was not too positive.
While its GDP should expand by around 8 percent in 2021, economic growth is expected to slow down to 5.1 percent and 5.2 percent in 2022 and 2023, respectively.
On an average, the report also says that growth in emerging and developing economies will remain 4 percent below the pre-COVID trend.
Addressing the prospective crisis, Ayhan Kose, who is the director of the World Bank's group that drafted the report, told Reuters that "there is a pronounced slowdown underway" and that "policy support is being withdrawn and there is a multitude of risks ahead of us."
(With inputs from Reuters.)
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