RBI's annual report stated that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth.
Despite this, the World Bank report said India was one of the fastest-growing economies in the world despite significant challenges remaining in the global environment.
The global growth has been projected at 3.6 per cent in 2022, down from 6.1 per cent in 2021, the IMF said in its annual World Economic Outlook report released here.
In November last year, Moody's had forecast India's economy to expand 7.9 per cent in the 2022-23 fiscal beginning Aptil 1. As per official estimates, Indian economy is estimated to grow at 9.2 per cent in the current fiscal ending March 31.
Fitch Ratings on Friday said it has slashed India's growth forecast for the current fiscal to a 30-year low of 2 per cent, from 5.1 per cent projected earlier, as economic recession gripped global economy following the lockdown due to COVID-19 pandemic.
New Delhi: Close on the heels of the IMF, the World Bank on Wednesday slashed India's economic growth forecast for the current financial year to 4.7 percent from an earlier projection of 6.1 percent.“The report
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