IMF: According to Kristalina Georgieva, managing director of the International Monetary Fund (IMF), India and China are predicted to contribute 50% of the global economic growth this year. In light of the Covid-19 outbreak and the fallout from the Russia-Ukraine war, the IMF head predicted that the global economy will continue to experience a steep downturn and grow by less than 3% in 2023.
India and China are anticipated to contribute 50% of the world’s growth
According to Kristalina, “the period of slower economic activity will last longer, with less than 3% growth projected over the next five years, our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the previous two decades.” “Emerging economies are a source of some momentum, Asia is a shining example. In 2023, India and China are anticipated to contribute 50% of the world’s growth. Others, though, have a more difficult climb,” she said.
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Most crucial issues affecting the world economy
Georgieva made her comments ahead of the IMF and World Bank’s spring meetings, which will take place the following week and feature discussions by decision-makers on the most crucial issues affecting the world economy. The discussions will take place while central banks (all over the world) raise interest rates in an effort to slow the rate of inflation that is soaring. The IMF chief predicted that this year, growth rates in almost 90% of advanced economies will slow. She claimed that higher borrowing rates coincide with a decline in the market for their exports from low-income countries.
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