The report said GDP in the  greater  South  Asia  region grew  about 5.3%  in 2023 and is  expected  to  grow 5.2%  in 2024,  thanks to strong  expansion in India,  “still fastest growing major  economy in the  world. world”.  

 A United Nations report  on  Friday revised  India’s  gross domestic product (GDP) growth forecast for  calendar year  2024  to  6.2%,  from  a previous  estimate of  6.7%. 

 “Growth in India is  expected  to reach  6.2%  in 2024, slightly lower than the  6.3% estimated  for 2023, amid  strong  domestic  demand,” the report said. strong  and strong growth in the manufacturing and  service sectors. WESP).  report.  

 The report said GDP in the  greater  South  Asia  region grew  about 5.3%  in 2023 and is  expected  to  grow 5.2%  in 2024,  thanks to strong  expansion in India,  “still fastest growing major  economy in the  world”.  

UN report  says China’s  investment  outlook faces challenges related to  a struggling  real estate sector, despite somewhat  government-led infrastructure  investment compensate for  the shortfall in private  investment. This  assessment comes at a time  when  India is positioning itself as an  alternative  investment destination to China.  

 “In 2022, FDI (foreign direct investment) flows  into  India  increased  by  10%,  making it the third  host country for  newly  announced  projects. Another driver of  domestic  fixed capital formation  is  increased  public  spending on  road, rail  and renewable energy projects, which  could  have a  pull-up  effect on private sector  investment.” ,  the report said. 

  The report  points out that  global  goods  trade and global industrial production remain exceptionally weak amid cyclical and structural  headwinds,  and  that in  the third quarter of 2023, the  managers’ index Manufacturing purchases are  in  decline  in all of the  world’s  largest  economies,  except India.  

 The report said slowing global demand, unresolved trade tensions between  major  trading partners and geopolitical conflicts are affecting trade flows in the  near  term. The war in Ukraine and  sanctions  against  Russia have also shaped  the structure of  global  trade. 

  “For example, the Russian Federation’s crude  oil exports  have shifted from the European Union to China and India,  these two countries  accounted for  nearly 75%  of the  country’s  crude oil exports in the first  quarter,” he pointed out.  of  2023”.  

 “Warmer-than-average temperatures  are  likely  to increase electricity  demand and  could  also  strain  local hydropower resources amid  low rainfall,  which could lead to  limited energy distribution in the  industrial activity, as has  been  done recently  by some  countries in  South Asia. year,” he  said.  

 The report  highlights  that climate  change  events  will continue  to  harm  the South  Asia  region in 2023.  Drought increased significantly in  July and August, affecting most of India, Nepal and  Bangladesh , while Pakistan recorded above-average rainfall.  The  GDP growth  forecast for 2023 has been  revised  up  by 0.5 percentage points to  6.3%. 

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