World Bank Upgrades India’s GDP Forecast

Current Context: The World Bank, in its report titled, “India Development Update- Navigating the Storm” upgraded India’s GDP growth forecast.

• In the report, the World Bank upgraded India’s GDP growth forecast from 6.5% to 6.9% for FY23.
• This marks the first upgrade of the country’s GDP forecast by any international agency.
• The World Bank gave the following reasons for the upgrade:

1. Indian economy’s relative resilience to external headwinds
2. Strong out-turn in Q2 FY23

• Earlier, the World Bank downgraded its GDP growth forecast for India from 7.5% to 6.5% amidst the Russia-Ukraine war, rising inflation, and high global interest rates.
• World Bank was established in 1944 with its headquarters in Washington DC, USA. The current President of it is David Robert Malpass.

Question:

Q.1 World Bank upgraded India’s GDP growth forecast from 6.5% to ____ for FY23.
a. 6.6%
b. 6.7%
c. 6.8%
d. 6.9%