Publication:
India Development Update, October 2023

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-07-24T19:48:49Z
dc.date.available2024-07-24T19:48:49Z
dc.date.issued2024-07-24
dc.description.abstractGlobal economic growth is set to slow in 2023, compared with the previous year. Continued high inflation and the effects of monetary policy tightening added pressures to economic growth over the short term, particularly in the Europe. The fading rebound of economic activities from the pandemic, combined with fragilities in the real estate sectors, has eroded growth in China. While the growth outturn in the US over the first half of 2023 has been stronger than expected, demand is weakening amid exhausting excess savings accumulated during the pandemic; tightening credit conditions; and the banking sector turmoil earlier this year. Nevertheless, in contrast to softening global manufacturing activities, service sectors experienced solid growth in the past year, as measured by Purchasing Managers’ Indices (PMI). As a result, India, as a large service exporter, showed relative resilience against the challenging external conditions: India remained one of the fastest growing major economies in the world; in FY22/23, its GDP expanded by 7.2 percent, with robust growth in domestic demand bolstered by strong investment activity and solid private consumption. Net exports especially goods exports, however, were a drag on growth amid weakening global demand weighing on India’s merchandise exports and resilient domestic demand pushing up imports.en
dc.identifierhttp://documents.worldbank.org/curated/en/099062624024529579/P501026189569c0081b9c2169fd093b1cc8
dc.identifier.doi10.1596/41948
dc.identifier.urihttps://hdl.handle.net/10986/41948
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectECONOMIC GROWTH DIAGNOSTICS
dc.subjectECONOMIC SHOCKS AND VULNERABILITY
dc.subjectMACROECONOMIC AND STRUCTURAL POLICIES
dc.subjectMACROECONOMIC ANALYSIS OF ECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH ANALYTICS
dc.titleIndia Development Update, October 2023en
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleIndia Development Update
okr.date.disclosure2024-07-24
okr.date.lastmodified2024-06-26T00:00:00Zen
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/099062624024529579/P501026189569c0081b9c2169fd093b1cc8
okr.guid099062624024529579
okr.identifier.docmidP501026-89569c20-49a3-4d08-b9c2-69fd093b1cc8
okr.identifier.doihttps://doi.org/10.1596/41948
okr.identifier.externaldocumentum34349950
okr.identifier.internaldocumentum34349950
okr.identifier.report191899
okr.import.id4912
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099062624024529579/pdf/P501026189569c0081b9c2169fd093b1cc8.pdfen
okr.region.administrativeSouth Asia
okr.region.countryIndia
okr.topicMacroeconomics and Economic Growth::Economic Development
okr.topicMacroeconomics and Economic Growth::Economic Modeling and Statistics
okr.unitEFI-SAR-MTI-PS-2 (ESAC2)
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