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