Washington DC, 6/10: The World Bank cut India’s economic growth forecast by a full percentage point, the most for a non-crisis economy in South Asia, citing risks from a global slowdown and the hit to demand from rising interest rates.
India’s gross domestic product will grow 6.5 per cent in the year to March, the Washington-based institution said in its South Asia Economic Focus report released Thursday. That revision, along with a 1.4 percentage point cut to crisis-ridden Sri Lanka’s growth outlook, pulled the region’s 2022 forecast down to 5.8 per cent from 6.8 per cent seen in June, even though the outlook for five other countries in the region were upgraded.