ORGANISATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)
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Context:
- The Organisation for Economic Cooperation and Development (OECD) sharply slashed the growth for India to 6.9% growth in FY23 from 8.1% estimated earlier and to 6.2 percent in 2023.
More on the news:
- This is below the Reserve Bank of India's estimate of a 7.2% rise.
- India's Gross domestic product (GDP) grew 8.7% in 2021-22, making it the fastest-growing major economy in the world.
- OECD expects policy rate to rise to 5.3% by the end of 2022 and remain there in 2023.
- World Bank similarly severely pared India's FY23 forecast to 7.5% from 8.5% in the April review.
About:
- The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation, founded to stimulate economic progress and world trade.
- The goal is to shape policies that foster prosperity, equality, opportunity and well-being for all.
- Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries
- Founded: 1961.
- Headquarters: Paris, France.
- Total Members: 38.
- India is not a member.
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