The UN Conference on Trade and Development (UNCTAD) in its latest trade and development report, has revised India’s economic growth forecast for 2023 upward to 6.6% from the earlier projection of 6%.
- However, the report also anticipates a slowdown in India’s growth to 6.2% in 2024. Furthermore, the UNCTAD highlights concerns about the global economic outlook, with a deceleration to 2.4% in 2023, followed by a marginal improvement to 2.5% in 2024.
India’s Economic Growth:
UNCTAD revises India’s 2023 economic growth forecast to 6.6%, up from the previous estimate of 6%.
- Predicts a slight decline in India’s growth to 6.2% for the year 2024.
Global Economic Outlook:
Anticipates a global economic output growth slowdown to 2.4% in 2023.
Expects a modest uptick in global growth to 2.5% in 2024.
- UNCTAD emphasizes the importance of policy changes and institutional reforms to prevent a lost decade in the global economy.
- Urges leading central banks and policymakers to adopt a new policy direction to address economic challenges.
UN Conference on Trade and Development (UNCTAD)
UNCTAD was established by the United Nations General Assembly in 1964 as a permanent intergovernmental body.
- UNCTAD has its headquarters in Geneva, Switzerland, with additional offices in New York and Addis Ababa.
- As part of the UN Secretariat, we report to both the UN General Assembly and the Economic and Social Council, but we maintain our own membership, leadership, and budget.
- Rebeca Grynspan from Costa Rica made history by becoming the first female and Central American to hold the position of UNCTAD's secretary-general, a part of the United Nations Development Group.