Global Economic Prospects

Global growth has slowed sharply and the risk of financial stress in emerging market and developing economies (EMDEs) is intensifying amid elevated global interest rates, according to the World Bank’s latest Global Economic Prospects report.

It identifies barriers to women’s economic participation and encourages reform of discriminatory laws. This year, the study also includes research, a literature review, and analysis of 53 years of reforms for women’s rights and makes an important contribution to research and policy discussions about the state of women’s economic empowerment.

The South Asia region (SAR) endured significant negative spillovers from rapid monetary policy tightening in advanced economies, weak growth in China, and the Russian Federation’s invasion of Ukraine. So far in 2023, the peak impact of these shocks appears to have passed, and regional economic conditions have improved.

Growth in the region is expected to slow marginally to 5.9 percent in 2023 and more significantly to 5.1 percent in 2024.

Growth in India is expected to slow further to 6.3 percent in FY2023/24 (April-March).