World Bank slashes India's FY23 GDP forecast from 8.7% to 8%

The World Bank cut its FY23 GDP growth forecast for India from 8.7% to 8%. "High oil and food prices caused by the war in Ukraine will have a strong negative impact on people's real incomes," said World Bank South Asia VP Hartwig Schafer. World Bank has also slashed the growth forecast for South Asia, excluding Afghanistan, to 6.6%.