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Global Economy: When many countries of America (United States Of America) and European Union are facing economic crisis. There is also a possibility of partial recession in these countries. In such a situation, India and China will develop at the fastest pace in the current year. The International Monetary Fund (IMF) has said that India and China will contribute more than half of the global growth this year. At the same time, other countries in Asia will contribute to one-fourth additional growth.
According to the IMF, due to the epidemic in the emerging and developing countries of Asia, there were problems in the supply chain, it is now ending, fast growth is visible in the service sector. Countries like Cambodia, Indonesia, Malaysia and Philippines, Thailand and Vietnam are witnessing the growth of the pre-corona epidemic. According to the IMF, the economic challenges which were seen in Asia and Pacific countries during the last year are now showing improvement.
According to the IMF, due to these things, the growth rate is estimated to be 4.7 percent in 2023 as against 3.8 percent in 2022, which will be very high compared to other regions of the world. Also, there is a slowdown in the global economy, in such a situation this sector will emerge as a shining star.
IFF said that the central banks around the world want to cut interest rates rapidly. Inflation rate may remain low in Asian countries. Headline inflation has seen its high in the second half of 2022, these are encouraging signs. However, the IMF admitted that core inflation is still high, in which reduction is yet to be seen. The IMF expressed hope that after the financial and commodity crisis, the inflation rate next year could come within the tolerance level of the Central Banks.
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