The Organisation for Economic Cooperation and Development (OECD) in its latest update of forecasts for major economies has raised India’s gross domestic product (GDP) forecast for current fiscal 2023-24 (FY24) to 6.3%. This was projected at 6% in June 2023 forecast.
For FY24-25, India’s GDP has been revised downward to 6% from 7% estimated in June 2023.
In terms of global economy, OECD expects the gross domestic product growth to slow to 3.0% in 2023, compared to 2.7% in June 2023 estimate.
For 2024, the global growth is expected to slow to 2.7%, down from 2.9% estimated in June.