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UN slashes India's economic growth forecast by 20 bps to 5.8% for 2023

Pegs world economy growth at 1.9%; trade to contract 0.4%

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For fiscal year 2023-24, however, the agency kept its growth forecast unchanged for India at 6 per cent. (Photo: Bloomberg)

3 min read Last Updated : Jan 25 2023 | 11:34 PM IST

The United Nations on Wednesday pared down India’s growth forecast by 20 basis points to 5.8 per cent for 2023 calendar year, citing higher interest rates and risks of recession in the developed world weighing on investment and exports.

“Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports,” it said in its latest World Economic Situation and Prospects report.

The report has projected global trade to contract 0.4 per cent and the world economy to grow at 1.9 per cent in 2023. “Global trade has softened due to tapering demand for consumer goods, the protracted war in Ukraine and continued supply chain challenges,” the report said.