World Bank approved! There is no one like India, the world is crazy about development

Ronit Kawale
Ronit Kawale - Senior Editor
4 Min Read


The growth rate of Asian countries was 5.1 percent last year.
The growth rate of Asian countries will be 4.5 percent this year.
India's GDP growth rate will remain above 6.5 percent.

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New Delhi. The World Bank has also given its approval regarding the Indian economy. After the growth rate estimate of Indian GDP was released by all the global rating agencies and the International Monetary Fund, now the World Bank has also approved it. The World Bank said on Monday that the growth rate of Asian economies is expected to slow down to 4.5 percent in the year 2024 compared to 5.1 percent last year. This means that the average growth rate of Asian countries will remain below 5 percent. On the other hand, India's GDP growth is estimated to be around 7 percent.

The World Bank said in a report that the economies of Asian countries are not performing as well as they could this year. Debt, trade barriers and policy uncertainties are weakening the economic dynamism of the region. Governments need to step up their efforts to address long-term problems such as weak social safety nets and low investment in education.

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slower pace than before the pandemic
The World Bank said that Asia's economies are growing more slowly than before the pandemic, but this pace is also higher than in other parts of the world. This year, the trade of goods and services is estimated to increase by 2.3 percent and the reduction in interest rates by central banks will also help in this. Aditya Mattoo, chief economist for the World Bank's East Asia and Pacific region, said, 'This report shows that the Asian region is performing better than the rest of the world, but it is slightly below its potential.'

Effect of slowness of companies
Mattoo said that a major reason for this poor performance is that the leading companies of Asian countries are not playing the role they should play. Apart from this, the slow pace of China's economy is also creating a risk. IMF has estimated that the pace of China's economy is expected to be 4.6 percent in 2024.

Where will India's momentum stop?
IMF has estimated India's GDP growth rate to be 6.7 percent in 2024, which was earlier estimated to be 6.3 percent. Finance Minister Nirmala Sitharaman had also said that the country's growth rate in the current financial year is expected to be around 8 percent. The World Bank has also estimated India's economic growth rate at 6.4 percent.

Tags: Business news in hindi, IMF, India GDP, India’s GDP, Indian economy, World bank

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