New Delhi: Due to the slowdown in the economy of the country, the industries are stagnating. Many companies have stalled production activities at their place. Due to which there is massive layoffs. The opposition is constantly attacking the government over this issue. But the government is denying any such slowdown. Now the fear that RBI has expressed may cause further problems in future. The Reserve Bank said that the sluggishness in the global economy could outweigh India. The RBI has said that the Indian economy already facing sluggishness may slow down further due to the slowdown in the global economy.
The Reserve Bank has said in its monetary review report that global trade is expected to weaken further this year. The US economy has recorded a growth rate of 2 per cent in the second quarter of this year due to declining exports and weak investment in trade. The Reserve Bank of India reported that the euro area GDP also declined during the second quarter. During this period, the big countries of Europe performed poorly due to the deadlock over Brexit and other reasons.
Germany also fared poorly in the second quarter due to the auto industry's poor performance and declining exports. Italy's growth rate was also weak during the second quarter. Japan's economy fared poorly over the previous quarter due to the continuing trade deadlock in the Sino-US and China's performance fell to a 27-year low during the second quarter of this year. During this period, the condition of BRICS countries was also not better. Brazil and South Africa saw a decline in growth rates.
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