In a report released by the United Nations World Economic Situation and Prospects (WESP), the Indian economy is projected to grow at a rate of 6.5% in FY22, which was earlier estimated to be 8.4%. For FY23, the report mentions a GDP growth of 5.9%.
Although the economic recovery is under a solid path witnessing robust growth and public investment, high oil prices and coal shortage could put a dent on economic activity in near term, the UN report said.
In the wake of the new wave of the COVID-19 infection, the global economic faces significant headwinds a midst lingering supply-chain challenges, labor market challenges and inflationary pressures. The global output is expected to grow at 4% in FY22 and 3.5% in FY23.