India

Russia’s Ukraine Invasion: World Bank Cuts India Growth Forecast

By
OB Bureau

New York: The World Bank on Wednesday cut its economic growth forecast for India and the entire South Asian region on Wednesday.

Citing worsening supply bottlenecks and rising inflation risks caused by Russia’s invasion of Ukraine, World Bank brought down growth estimate for India from 8.7% to 8% for the 2022-23 fiscal year.

As for South Asia, the international lender cut by growth estimate from 7.6% to 6.6%.

According to World Bank, household consumption in India – the largest economy of the region — will be constrained by incomplete recovery of labour market from the pandemic and inflationary pressures.

“High oil and food prices caused by the war in Ukraine will have a strong negative impact on peoples’ real incomes,” World Bank Vice-President for South Asia Hartwig Schafer said in a statement.

OB Bureau

Recent Posts

Criticised For Touching His Wife’s Feet, Vikrant Massey Gives It Back To Trollers

Mumbai: ‘12th Fail’ actor Vikrant Massey recently got trolled after pictures of him touching his…

November 7, 2024

Threat Call: Was Shah Rukh Khan Targeted For His Deer-Hunting Dialogue In ‘Anjaam’?

Mumbai: Mumbai Police swung into action immediately after Bollywood superstar Shah Rukh Khan received a…

November 7, 2024

[Watch] Snowfall In Desert For The First Time!

Dubai: The effects of global climate change are being seen in various manifestations across the globe.…

November 7, 2024

Police Case Against Websites Selling T-Shirts With Photos Of Dawood, Bishnoi

Mumbai: When criminals are idolised and used for commercial purposes, police are bound to take action.…

November 7, 2024

11 Years After Criminal’s Murder In Bomb Explosion, Court In Odisha Sentences 11 Accused To Life

Berhampur: The Ganjam district and sessions court here on Thursday sentenced 11 persons to life…

November 7, 2024

Astronaut Sunita Williams’ Health Deteriorates Due To Extended Stay In Space

New York: Recent pictures of Sunita Williams and Barry 'Butch' Wilmore from the International Space…

November 7, 2024

India Calls Out Canada’s ‘Hypocrisy’ For Blocking Australian Media Outlet After Jaishankar Interview

New Delhi: Bilateral relations having hit an all-time low since Justin Trudeau’s accusation of Indian involvement…

November 7, 2024

Mango Kernel Incident In Odisha: Report Reveals Faecal Contamination, Presence Of Hydrogen Sulphide

Bhubaneswar: Faecal contamination was found in the food and water samples sent for test following…

November 7, 2024