Jobaaj Stories
IMF Chief Kristalina Georgieva has said that global growth will slow down to below 3% in 2023 and that India and China will account for half of it.
Following the effects of the COVID-19 pandemic and Russia's assault on Ukraine, world economic growth will be at its lowest levels in 2023 since the 1990s. Low income countries are expected to suffer the most as a global slowdown will hamper their economic growth.
Due to weaker demand for exports and higher borrowing costs, poor countries will face greater difficulties as poverty and starvation could climb even higher.
Moreover, the banking crisis triggered from the fall of SVB and Credit Suisse have made global conditions even worse. About 90% of the advanced economies are expected to see a decline in their growth rates.
However, Asia remains a bright spot in the world in 2023 as India and China are expected to be the countries responsible for half the global economic growth. Even the Asian Development Bank has stated in its forecast that India and China are expected to lead global growth.
India, in particular, is expected to show robust growth as its domestic demand and resilience make it a strong economy. Recently, the IMF praised India's digital infrastructure and bid the world to learn from it!
- Aman Agarwal
