India#39;s economic growth projected to decelerate to 6% in 2023 from 6.6% in 2022: UN

India#39;s economic growth projected to decelerate to 6% in 2023 from 6.6% in 2022: UN

The report said that India grew 6.6 percent in 2022, ceding the pole position among G20 countries in 2022 to oil-rich Saudi Arabia, which grew at 8.6 percent.



India's economic growth is projected to decelerate to 6 percent in 2023 from 6.6 percent in 2022, according to the United Nations.

The UN Trade and Development Conference (UNCTAD) in its latest Trade and Development Report Update released on Wednesday expects global growth in 2023 to drop to 2.1 percent, compared to the 2.2 percent projected in September 2022, assuming the financial fallout from higher interest rates is contained to the bank runs and bailouts of the first quarter.

It warned that developing countries are facing years of difficulty as the global economy slows down amid heightened financial turbulence. Annual growth across large parts of the global economy will fall below the performance registered before the pandemic and well below the decade of strong growth before the global financial crisis.

The report said that India grew 6.6 percent in 2022, ceding the pole position among G20 countries in 2022 to oil-rich Saudi Arabia, which grew at 8.6 percent. Meanwhile, as current government spending has been weakening, but export orders remain on the