“While the global economy is facing more challenges, India is doing relatively well. An example of this is that India managed to grow by 4-6 percent in the last few financial quarters. There are signs that the country has recovered from the impact of the Covid crisis. Private sector consumption in India to recover. The flow of investment is also noteworthy. Attracting more investment will determine the course of growth going forward. India has performed comparatively better.
Geeta Gopinath says.
There are many issues that require global cooperation while facing economic challenges around the world. This includes food security and energy security. Rising debt burden is a major challenge facing most countries. A unified policy at the international level will be needed to take action on crypto transactions.
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China’s slow economic growth and a strengthening dollar are all challenges facing emerging economies. But the same crisis that low-income countries are now facing is the debt crisis. Public debt is a major problem in low-income countries, rising to 60 percent.
Most countries’ debt is above dangerous levels. The G20 countries need to create a common framework to help these countries. Developing countries need concrete measures to settle their debts very quickly. India is leading in this. Geeta Gopinath points out
The Asian Development Bank has predicted that the Indian economy will grow by 7 percent in the current financial year. GDP growth forecast for 2023-24 has been maintained at 7.2 percent. Economic growth in Asia is expected to slow to 4.6 percent in 2023, but the Asian economy is expected to grow by 4.2 percent this year.