Stating that the global economy is in a "precarious situation" and heading for a substantial growth slowdown, the World Bank revised its outlook for global growth for 2024 to 2.4% from 2.7% earlier.
"Growth in India is expected to slow further to 6.3% in FY2023/24 (April-March), a 0.3 percentage point downward revision from January. This slowdown is attributed to private consumption being constrained by high inflation and rising borrowing costs, while government consumption is impacted by fiscal consolidation," the World Bank report said.
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