GDP Of India in 2024: The United Nations has presented a report on the growing economy across the world and listed India as fast a growing economy in 2024 again. It is a good achievement for India and the Indian economic ecosystem as India will remain the fastest-growing major economy in 2024. There are survival factors that make India fastest fastest-growing economy and according to the economists in India, India can achieve more than the expected GDP in the year 2024 due to the parliamentary election.
According to the United Nations Flagship economic report, India will remain fasters fast-growing major economy in 2024 with an expected GDP of 6.2. The fastly growing domestic demand in India and Strong manufacturing services are making it successful in becoming the fastest-growing economy. United Nations presents the economic report where they calculate multiple aspects of a state to site the expected GDP and economic condition of any country. India was also a fast-growing economy in the year 2023.
Expected Indian GDP will be 6.2: UN
However India is again the fastest-growing economy in 2024 but if we compare the GDP of 2023 and the 2024 expected GDP, Reports are expecting that the Indian economy will achieve higher GDP in the year 2023 but will not achieve this record again in the year 2023 and the GDP will remain 6.2. However, it is only expected GDP which follows multiple factors. However Indian economists and politicians are expecting that GDP can increase due to the special election year.
UN report on Indian economy 2024
United Nations has warned the world about an increment in inflation in the year 2024. Most of the countries will impact this inflation and their GDP will also decrease due to inflation. The inflation rate in the year 2023 was 5.7 which will decrease to 4.5 The report has added that geopolitical conflicts among countries will further increase the inflation rate this year and it will directly impact countries’ GDP. However, India’s GDP will remain the fastest-growing economy in 2024.
GDP Of India in 2024
United Nations has expected that India will achieve up to 6.2% GDP in the year 2024 but Indian economists are expecting that India will achieve more than the expected GDP. The major reason behind this statement is the Indian parliamentary elections 2024. Due to election season, the Indian government will increase the availability of domestic products in India which will automatically increase the GDP and it may reach up to 7%. However, it is only expected GDP, so at the end of this year government will present the data and the achievement so you can check it by visiting the official website.
Other countries in UN Report 2024
The report has also prevented data from other countries where we can check the economic growth of any country by following multiple factors of the UN. The UN report is expected to project slower growth for the US in 2024, around 1.4% compared to 2.5% in 2023. This slowdown is attributed to factors like tighter monetary policy, weakening consumer spending, and potential housing market decline. While the unemployment rate is likely to remain low, a gradual softening in the labor market is anticipated.
The fiscal deficit and current account deficit are expected to persist, posing challenges for long-term sustainability. Public debt is likely to remain high, hovering around 100% of GDP. If we talk about our competitor and neighbor China’s Growth, China’s economic growth is projected to remain robust in 2024, around 5%, despite a slight moderation compared to previous years. This resilience is attributed to continued government stimulus and domestic demand. The unemployment rate is expected to stay elevated compared to the US, but China’s focus on job creation might mitigate further increases. China’s fiscal and current account surpluses are expected to narrow but remain positive. Public debt is projected to rise as the government injects stimulus, but it’s likely to stay manageable compared to developed economies.