World Bank Cuts India Growth Forecast Citing Global Risks

The World Bank cut India’s economic growth forecast by a full percentage point citing risks from a global slowdown and the hit to demand from rising interest rates.

India’s gross domestic product will grow 6.5% in the year to March, the Washington-based institution said in its South Asia Economic Focus report released Thursday. That revision, along with a 1.4 percentage point cut to crisis-ridden Sri Lanka’s growth outlook, pulled the region’s 2022 forecast down to 5.8% from 6.8% seen in June, even though the outlook for five other countries in the region were upgraded.