New Delhi: The International Monetary Fund (IMF) has projected the global economy to grow by less than 3 percent in 2023 this year. However, the IMF has predicted that in 2023, India and China will account for 50 percent of global growth. That is, the IMF has also accepted the power of India's global economic growth and has believed that in 2023, India and China together will run the economy of the whole world. This will lead to the rapid development of the global economy.
IMF Managing Director Kristalina Georgieva has warned that the pandemic and Russia's attack on 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 medium-term economic growth forecast is the lowest since 1990 and well below the average of 3.8 percent over the past two decades. India and China are projected to account for half of international growth in 2023. Georgieva has said that a strong recovery in the economy in 2021 will 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).
Georgieva has said that slowing growth in the global economy could be a major crisis, leading to further poverty and hunger in low-income countries—a dangerous situation triggered by the Corona pandemic. According to sources, the policymakers will convene a meeting to discuss the most pressing issues of the global economy. Which will be an annual meeting.
Let us tell you that, to reduce the rapidly rising inflation rates, the central banks of the whole world continue to increase interest rates. About 90 percent of advanced economies are likely 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 2008 financial crisis, there are still concerns about vulnerabilities, which may be concerns not only for banks but also for non-banks.
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