Our forecast for medium-term economic growth is the lowest since 1990 and well below the average of 3.8 percent for the past two decades. India and China are likely to account for half of the global growth in 2023.
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The International Monetary Fund (IMF) has expressed the possibility of the global economy growing by less than 3 percent in 2023 this year. However, India and China are expected to account for half of global growth in 2023. ie IMF India has also accepted the power of India’s global economic growth and has decided that in 2023 India and China together will run the whole world. This will lead to rapid development of the global economy.
IMF Managing Director Kristalina Georgieva warned that the pandemic and Russia’s invasion of Ukraine will continue this year after a sharp downturn in the global economy last year. The time frame for slowing economic activity will be longer, with growth of less than 3 percent over the next five years.
According to the IMF, our forecast for medium-term economic growth is the lowest since 1990 and well below the average of 3.8 percent for the past two decades. India and China are likely to account for half of the global growth in 2023. Georgieva said that a strong recovery in the economy in 2021 would be followed by Russia’s war in Ukraine and its wider consequences. At the same time, in 2022, global growth has fallen from 6.1 to 3.4 percent (almost half).
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Poverty and hunger may increase
Georgieva said slowing growth in the global economy could be a major crisis, exacerbating poverty and hunger for low-income countries, a dangerous situation triggered by the COVID crisis. According to sources, policy makers will convene a meeting to discuss the most pressing issues of the global economy. Which will be an annual meeting.
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Estimates of decline in growth rate
Central banks around the world continue to raise interest rates to reduce rapidly rising inflation rates. About 90 percent of advanced economies are expected to see a decline in their growth rate this year. Also, high borrowing costs for low-income countries come at a time of weak demand for their exports. According to the IMF, while the global banking system has come a long way since the financial crisis of 2008, there are still concerns about vulnerabilities that may be present not only in banks but also in non-banks.
Source: www.tv9hindi.com
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