World Bank

September 16, 2024 3:31 PM

World Bank raises India’s growth forecast to 7% from 6.6% for FY25

The World Bank has raised its growth forecast for India to 7% for the fiscal year 2024-2025, up from its previous estimate of 6.6%, according to the latest India Development Update (IDU) released on Tuesday. This revision highlights India's economic resilience amidst challenging global conditions. Titled "India's Trade Opportunities in a Changing Global Context," the report underscores India's status as the fastest-growing major economy, with an impressive growth rate of 8.2% recorded in FY23/2...

June 12, 2024 4:47 PM

Myanmar poverty deepens, economic growth stagnant, World Bank says

Poverty in Myanmar is more widespread than at any time in the last six years and growth in the conflict-torn nation is likely to remain at a measly 1% in the current fiscal year with little respite in sight, the World Bank said on Wednesday. Escalating violence, labour shortages and a depreciating currency have made it harder to do business, the bank said in a report on the Southeast Asian nation that has been in political and economic turmoil since a 2021 military coup ended a decade of tentat...

September 16, 2024 6:10 PM

World Bank raises GDP projection, says India to keep its fastest-growing economy tag

The World Bank has upwardly revised India's GDP growth forecast for the current financial year 2024-25 by 20 basis points to 6.6 per cent from its earlier projection of 6.4 per cent made in January. The World Bank said that India will continue to be the fastest-growing among the world's largest economies, though its pace of expansion is expected to moderate. In its latest Global Economic Prospects report, the international financial institution attributed the revision in India's growth project...

September 16, 2024 5:54 PM

World Bank sounds alarm on ‘historical reversal’ of development for poorest nations

Half of the world's 75 poorest countries are experiencing a widening income gap with the wealthiest economies for the first time this century in a historical reversal of development, the World Bank said in a report on Monday. The differential between per capita income growth in the poorest countries and the richest has widened over the past five years, according to the report. The report said the 75 countries eligible for grants and zero-interest loans from the World Bank's International Devel...

April 3, 2024 6:56 PM

India’s gems and jewellery sector shines amidst gold price surge

India shines brightly despite facing a whirlwind of events in 2023. With record-high gold prices, fluctuating diamond rates, and global tensions, the industry navigated through choppy waters while maintaining its dominance in exports. The latest India Development Update by the World Bank paints a promising picture, with India emerging as one of the fastest-growing major economies in FY 2022/23, boasting a growth rate of 7.2 per cent. Forecasts suggest continued growth, with a projected expansio...