United Nations slashes India’s growth rate estimate, will grow at 4.6 percent

United Nations: The United Nations has reduced India’s growth forecast for the year 2022 from 6.7 percent to 4.6 percent. The United Nations, in a report released on Thursday, said that due to the ongoing war in Ukraine, fuel supply to India may be affected, which could lead to a jump in its prices.

economy may be affected
Along with this, factors like trade restrictions, food inflation, tough policies and concerns about stability on the financial front can also affect the Indian economy.

report issued
The United Nations Conference on Trade and Development in its report has lowered its forecast for global economy growth from 3.6 percent to 2.6 percent for 2022 due to the Ukraine crisis and changes in macroeconomic policies. The report said that Russia may face a deep recession this year, while the growth rate of some countries of Western Europe and Central, South, South-East Asia may also slow down.

In the UNCTAD report, India’s growth forecast for 2022 has been reduced from 6.7 percent to 4.6 percent. “India will face difficulties due to fuel supply and high prices, supply constraints, trade restrictions, food inflation, tough policies and financial instability,” the report said.

In the report, the US growth rate estimate has also been reduced from three percent to 2.4 percent. China’s growth rate has also been projected to decline from 5.7 percent to 4.8 percent. According to the report, Russia’s economy may decline by 7.3 percent, while it was earlier projected to grow at 2.3 percent.

The impact on the daily trading of the dollar
In currency markets, the currencies of Brazil, Russia, India and China account for no more than 3.5 percent of the daily turnover of $6,600 billion, the report said. It is barely a tenth of 44 percent of the US currency dollar.

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