A major decline in gross domestic product (GDP) growth is expected in FY 2022-23 as compared to the previous year amid a deteriorating external environment. According to the estimates of the World Bank, the GDP growth rate is expected to come down to 6.9% in the financial year 2022-23, which is considered a big decline as compared to 8.7% in 2021-22. However, this is an improvement over the October estimate, as the World Bank had projected a GDP growth of 6.5 percent for 2022-23 in October.
Impact on GDP due to rising inflation
To control rising inflation, central banks around the world, including the Reserve Bank of India, are continuously increasing their interest rates. This has a direct impact on the country's gross domestic product. Along with this, due to the Corona lockdown in China, the supply chain of the whole world has been badly affected. In such a situation, the fear of recession has increased in the whole world.
What is GDP
Gross Domestic Product (GDP) is the total value of all goods and services produced in a country in a year. GDP shows the level of economic activity and it shows which sectors have led to growth or decline. The GDP is estimated by the Ministry of Statistics and Program Implementation, Government of India.
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