World Economic Situation and Prospects (WESP) Report

India's performance:

This year, India has slipped 10 places in the annual Global Competitiveness Index-2019, while India was ranked 58th in the Global Competitiveness Index-2018. According to this report, India ranks high in terms of macroeconomic stability and market size.

In the report released on Tuesday, the IMF has projected the growth rate of the global economy to decline to 3.2 percent in 2022 from 6.1 percent last year. The global growth rate is likely to be 3.2 percent in 2022 and 2.9 percent in 2023.27-Jul-2022
The United Nations Department of Economic and Social Affairs released the 'World Economic Situation and Prospects (WESP)' report on Wednesday. It said that the global economy is projected to grow at 3.1 per cent in 2022, which is lower than the 4.0 per cent growth forecast released in January 2022.19-May-2022

The flagship UN World Economic Situation and Prospects (WESP) 2022 report states that India's GDP is projected to grow at 6.5 per cent in FY22, up from 8.4 per cent in FY21.

Indian Economy Status...

With rapid vaccination progress, less stringent social restrictions and a still supportive fiscal and monetary stance, economic recovery is on a solid path.

Despite a strong export growth and public investment, high oil prices and coal shortages could put the brakes on economic activity in the near term.

In the medium term, scarce effects from high public and private debt or lasting effects on labor markets could reduce potential growth and poverty reduction prospects.

Due to a strong external position and measures to mitigate bank balance sheet risks, India is in a better position to navigate the financial turmoil than in the 2008-09 crisis. Nevertheless, encouraging private investment will remain important to support inclusive growth beyond reform.

Inflation is expected to moderate throughout 2022, continuing the trend seen since the second half of 2021, when relatively moderate food prices offset higher oil prices. A sudden and renewed rise in food inflation, however, could undermine food security, reduce real incomes and increase hunger across the region, due to unpredictable weather, widespread supply disruption and high agricultural prices.