India will have one of Asia-Pacific’s fastest growing economies , says World Bank

India will likely continue to be the fastest-growing major economy for the next three years, according to S&P Global Ratings’ most recent report released on Monday.
According to the report, India, Vietnam, and the Philippines will continue to have the fastest growth rates among emerging economies through 2026. India’s economy will continue to grow at the fastest rate among the countries of the Asia Pacific, according to S&P Global Ratings. It previously predicted a growth of 6% for March and kept that prediction.

“As the momentum for reopening gradually wanes and tighter monetary policy restrains activity, we forecast growth of 6% in India in fiscal 2024. In light of this, private consumer demand is slowing, with urban consumers performing better than rural ones, according to S&P Global Ratings.

After expanding by 3.1% last year, the World Bank predicted that after a significant slowdown to 2.1% in 2023 due to continued monetary policy tightening to contain high inflation, there would be a tepid recovery to 2.4% in 2024. “Global growth could be weaker than anticipated in the event of more widespread banking sector stress or if more persistent inflation pressures prompt tighter-than-expected monetary policy,” it warned.

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