Asia Pacific region will become the engine of growth in the year 2023! Will contribute 70% to global growth

IMF on Global Economy: Ever since the Corona epidemic, the world economy has suffered a major setback. Due to the Russia-Ukraine War, the world economy has suffered a lot. In the year 2023, amid the possibility of continuous recession, many big companies have laid off their employees on a large scale and banking crisis has also been seen in America and Europe. Due to all these reasons, the world economy has been badly affected. But amidst all this, the International Monetary Fund believes that year 2023 Asia Pacific Region Contribution in World Economy will have a very important role in the growth of the global economy.

Asia Pacific region will contribute up to 70 percent

According to the report published in the Economic Times, while estimating the growth of the Asia Pacific region, the IMF has said that the growth of this region is estimated to be 4.6 percent. Whereas last year it was 3.8 percent. Talking about the growth rate of the sector on Thursday, the IMF said that this sector will contribute more than 70 per cent of its contribution to the global economy. The special thing is that there are inflation, debt and many financial challenges in this area too. Along with this it will grow fast. Significantly, the Asia Pacific region includes many countries like China, India, Japan, Australia, Malaysia, South Korea.

IMF estimated India’s GDP low

The International Monetary Fund (IMF) has lowered its estimate of India’s economic growth rate for the first quarter of the financial year 2023-24. IMF has cut it by 20 basis points to 5.9 percent. Earlier, the International Monetary Fund had projected a growth of 6.1 percent. Along with this, in its latest World Economic Outlook report, the IMF has also reduced India’s economic growth forecast for the financial year 2024-25. The IMF has reduced its economic growth rate estimate by 50 basis points from 6.8 percent to 6.3 percent.

India and China will have 50 percent contribution

Recently, the International Monetary Fund, while estimating the economic development of the world, said that this year the world’s economy will be less than 3 percent and India and China will contribute half of it. Along with this, IMF Chief Kristalina Georgieva also said that due to the Russia-Ukraine war, the decline in the world GDP is going to continue for the next 5 years. The thing to note is that this growth rate will be the lowest after 1990.

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