The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of COVID-19 infections, persistent labor market challenges, lingering supply chain issues and rising inflationary pressures.
India is forecast to grow at 6.5 per cent in fiscal year 2022, a decline from the 8.4 per cent GDP estimate in previous financial year, and while the country’s economic recovery is on a "solid path" amid rapid vaccination progress, coal shortages and high oil prices could put the brakes on economic activity in the near term, the UN said on Thursday.
A United Nations report said on Thursday that the deadly wave of COVID-19 Delta variant stole 240,000 lives in India between April and June in 2021 and disrupted economic recovery, and warned that "similar episodes" could take place in the near term.