ENA Economy 2024-01-05 17:28:20 <p><span style="font-size:14px"><strong>New Delhi, Jan 5 (KNN)</strong> According to the United Nations World Economic Situation and Prospects (WESP) 2024 report, India is forecasted to achieve a growth rate of 6.2 per cent in 2024, slightly below the 6.3 per cent estimate for 2023.</span></p> <p><span style="font-size:14px">The report, launched on January 4, emphasizes India's robust domestic demand and impressive growth in the manufacturing and services sectors.</span></p> <p><span style="font-size:14px">Despite concerns about erratic rainfall impacting agricultural output, the Indian economy is expected to remain strong, with a projected GDP increase of 6.6 per cent in 2025.</span></p> <p><span style="font-size:14px">The UN report outlined potential risks, including global factors and India's vulnerability to climate change. The country's largely farm-based economy could face disruptions due to climate-related shocks, affecting food and fuel prices. Consumer price inflation is expected to decelerate, but the risk of a surge remains, influenced by commodity prices and climate events.</span></p> <p><span style="font-size:14px">In the labor market, improvements were noted in India, with increased labor force participation and declining youth unemployment rates.</span></p> <p><span style="font-size:14px">The Reserve Bank of India has cautiously managed financial market openings, implementing risk management systems.</span></p> <p><span style="font-size:14px">On a global scale, the UN projects a slowdown in economic growth from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024. While 2023 exceeded expectations, persistent challenges include high-interest rates, escalating conflicts, sluggish international trade, and climate disasters.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36165 https://knnindia.co.in/news/newsdetails/economy/indian-economy-growth-projected-62-for-2024-unwesp 2024-01-05 17:28:20 knnindia.co.in