Daily News Analysis

ORGANISATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)

10th June, 2022 International Relations

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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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https://www.business-standard.com/article/news-cm/oecd-slashes-india-growth-forecast-to-6-9-in-fy23-122060900255_1.html