United Nations Revises Forecasts Says India's Economy To Grow By 6.9% In 2024

United Nations on Thursday revised it's earlier forecasts and said that India's economy is expected to grow by 6.9% in 2024 and 6.6% in 2025. According the report the growth will primarily driven by robust public investment and resilient private consumption.

"India's economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly," said World Economic Situation and Prospects as of mid-2024, released Thursday.

The report highlighted that consumer price inflation in India is projected to decrease from 5.6% in 2023 to 4.5% in 2024, remaining within the central bank's medium-term target range of two to six percent. Other South Asian countries are also expected to experience a decline in inflation rates in 2024, ranging from 2.2% in the Maldives to 33.6% in Iran. Despite some moderation, food prices remained high in the first quarter of 2024, particularly in Bangladesh and India.

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