OECD slashes India growth forecast from 9.7 percent to 9.4% for FY22 | Daily Current Affairs 2022
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OECD slashes India growth forecast from 9.7 percent to 9.4% for FY22

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The Organisation for Economic Co-operation and Development (OECD) has on Wednesday brought down its growth forecast for India from 9.7% estimated earlier to 9.4% for FY22.

The OECD has also maintained that the ongoing economic recovery is gaining traction, supported by progress in vaccination, which is boosting consumer sentiment.

OECD is a 38-member intergovernmental organization that discusses and develops economic and social policy
In September, while paring India’s FY22 growth projection from 9.9% to 9.7%, the Paris headquartered OECD had cited still persisting risk of lasting costs from the pandemic.

OECD has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5.5% in FY24.

According to OECD, low-skilled domestic migrants and urban workers, who faced the brunt of employment shocks in both waves of the pandemic in India, have yet to see their earnings return to pre-pandemic levels.

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