India will be fastest-growing economy, says World Bank

The World Bank has reaffirmed its belief in the Indian economy. The global lender said in a report that India is expected to be the fastest-growing economy among the seven largest emerging markets and developing economies. While the World Bank projected a gloomy outlook for the global economy, it said that the Indian economy is expected to grow at the rate of 6.6 percent in the fiscal year 2023-24. 
It said that the global economy will come perilously close to a recession this year. It forecast weaker growth in all the world's top economies including the United States, Europe and China. In its report titled Global Economic Prospects, the World Bank noted that India's growth expanded by 9.7 percent on an annual basis in the first half of the fiscal year 2022-23, reflecting strong private consumption and fixed investment growth.The World Bank also slashed its forecast for global growth this year by nearly half to just 1.7 percent from its previous projection of 3 percent.