International economic slowdown..! Warning to India..!

Sowmiya Sriram
International economic slowdown..! Warning to India..!

The fact that the indian economy has survived the economic recession of the world countries without being affected till now is seen as a big jackpot. The main reason for this is that the superpowers like the united states and britain are facing more damage before the recession reaches its peak. It is not an exaggeration to say that the whole story of the Russia-Ukraine war changed when the impact of the coronavirus subsided and the economy, trade, and employment in the world reached a stable growth path. The production supply from fuel to food products has been affected by the Russia-Ukraine war and a big hole in the economic and trade development has fallen due to the increase in inflation.
Due to the continuous increase in the benchmark interest rate by the central banks of the world to reduce inflation, not only india but all the leading economic countries have developed an economic recession. Due to the international economic situation, everything like India's trade, economy, production, and exports will be affected. Due to this, the country's economy is predicted to be bad for the next 2 years.
Indian economy grew by 8.7 percent in FY 2021-22. But Goldman Sachs forecasts 6.9 percent in the 2022 calendar year and 5.9 percent in the 2023 calendar year. Goldman Sachs predicts that the indian economy will be two-way in 2023. In the first half of the year, the economic growth factors will record sluggish growth, mainly due to the decrease in liquidity due to interest rate hikes and the impact on domestic demand. Goldman Sachs said that growth factors are expected to be better globally in the second half of the year due to an increase in exports and increased investment rounds.
And in 2023, RBI predicts India's economy to shrink by 7 percent, GRISIL by 7 percent, Goldman Sachs by 5.9 percent, and moody's by 4.8 percent. The decline is expected to have a major impact on export trade.
India's export volume fell 17 percent to $29.73 billion in October. It is noteworthy that the export volume was 35.78 billion dollars during the same period last year. The decline in exports has widened the country's trade deficit to $27 billion.
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