New Delhi. The World Bank predicts a big drop in the growth rate of the global economy this year, saying that high interest rates, Russia-Ukraine war The aftereffects of the Russia-Ukraine War and the lingering effects of the covid-19 pandemic remain. The World Bank, striving to eradicate poverty in 189 countries of the world, has said in its latest global scenario that the growth rate of the global economy will be 2.1 percent in the year 2023, while in 2022 it has been 3.1 percent.
The speed of Indian economy will be 6.3 percent.
According to the World Bank’s ‘Global Economic Prospects’ report released on Tuesday, the new growth forecast for the year 2023 is slightly better than the previous estimate in January. The World Bank had said in January that global growth would be only 1.7 per cent this year. The World Bank has projected the Indian economy to grow at 6.3 per cent this year, which is the highest among major countries. India’s growth rate in the year 2022 was 7.2 percent.
In the world’s major economies, central banks have been adopting the stance of increasing policy interest rates since last year. To combat rising inflation, the Federal Reserve and other central banks have raised interest rates significantly. This has increased the challenge before the global economy trying to recover from the injury of the pandemic. Apart from this, due to Russia’s attack on Ukraine, there is also a crisis of energy and food supply. The lingering effects of the COVID-19 pandemic are also still present.
Despite this, the World Bank feels that in the year 2024, the global economy will be able to achieve a growth rate of 2.4 percent. The World Bank has predicted a growth rate of 1.1 percent in the year 2023 for the world’s largest economy America. Although it is on the lower side, it is almost double the previous estimate for January.
At the same time, the growth rate of the European Union has been expressed to be 0.4 percent this year. The European Union, which is facing an energy crisis due to the Russia-Ukraine war, was projected to have zero growth in January. Was staying On the other hand, the growth rate in Japan has been estimated to decrease from one percent to 0.8 percent.
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Sat Jun 7 , 2023
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