India's projected economic growth for 2022 has been downgraded by over two percent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on March 24.
The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries, particularly at risk.
The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South, and South-East Asia.
India was forecast to grow at 6.7 percent in 2022 and this projection has been downgraded to 4.6 per cent by UNCTAD.