Many organizations have predicted a drop in global growth, thus this might continue in 2023. In addition to the lingering effects of monetary tightening, the report stated that the uncertainty caused by the persistent epidemic and the ongoing turmoil in Europe could further stifle the global economy. The IMF and World Bank anticipate a slowdown in global output.
Source: The Hindu Business Line
According to the monthly review, As in 2022u201323, India faces the upcoming fiscal year with confidence provided by underlying and overall macroeconomic stability while being on the lookout against geo-political and geo-economic dangers. A growth rate of 6.5% was projected for FY24 in the Economic Report 2022u201323, which was presented to Parliament prior to the Budget, however, it was noted that there were more risks to the downside than the upside. India’s inflation risks are probably going to be lower in FY24.
Source: Study IQ
Global circumstances, such as geopolitical conflicts and the ensuing supply disruptions that contributed to higher inflation in 2022, are still extant, so they won’t have disappeared, it stated. El Nino conditions in the Pacific are predicted to return, which might signal a weaker monsoon in India and reduced rainfall.
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