2023: A Tough Year For Global Economy As US, Europe Growth Slows | What India Can Teach the World
2023: A Tough Year For Global Economy As US, Europe Growth Slows | What India Can Teach the World First, a pandemic and then a war in Ukraine - the two events broke the back of the global economy in 2022. Nations struggled to grapple with large-scale supply disruptions, energy prices, a potential food crisis, and the latest surge in COVID cases in China. Inflation went through the roof, interest rates went up and many are staring at an imminent recession, if not experiencing one already. Global financial institutions are now predicting that things could be worse in 2023 compared to 2022 as major economies are still not performing on expected lines. But there's also one nation that has clearly dodged the inflationary bullet, showing an example to the world - India.
India wisely followed a neutral role over the war in Ukraine, which allowed India to get Russian oil at a discounted price. We all know that access to cheap energy will translate to a healthy economy. Kudos to India.
On the four-year scale, the Indian GDP growing from 2018 of $2.703 billions to 2022 of $3.39 billion, showing an average GDP of about +2% because of a major downturn in 2020.
Rich only gets richer and the poor, poorer
The current inflation got me so busy with work
India didn't slow down like other countries over Covid. They kept on working and producing. Other countries should have done the same. Live and learn.
There is a cosmic justice in the economic slowdown for the US and Europe. After all, we are the self-appointed moral supervisors of the "less civilized" world, which we load uo with blockades and sanctions. No wonder our economy falters ! Well done !
The world is heading towards a depression because of the economic destruction from the pandemic.The government make the rules and then blithely break the rules, the rich are hardly affected by the economic problems . It's always the poor who takes the hit.
I like India. As a kid I enjoyed Kipling's stories of this wonderful place.
The fact that India's economy has not suffered speaks for itself
Why people still insist in saying that Russia cut gas supply to NATO/EU countries. These countries cut business with Russia and that included gas to hurt its economy. Tell true historic facts.
The war and diseases are just too good to deny the worst case scenarios
Try to remove Putin has huge cost. The West went mad. Modi’s strategy is working: kee neutrality, advocating for peace and buying from Russia. What matters are the interests of your country first. The EU and the UK did the opposite destroying their economies. It’s the price to pay when the US dictate your agenda. Congrats India for your independence and freedom.
2023 was a terrible year for the west and great year for the rest of the world
India was very diversified, unlike China where everyone invested in just real-estate, and they kept looking for more openings to make money. They did a great job in adapting to the failing economic conditions and actually prospered.
I agree with Ms. Kristalina Georgieva US and EU economies will experience a significant slow down, but thanks to the growth in trade in BRICS and BRICS+ the Chinese economy will do good. India will do GREAT in many years to come. The increase i Chinas GDP in 2022 was estimated to 4,4 % and depending on the Covid-19 pandemic restrictions it is likely next year’s growth will be better. Russia will see growth in military spending and for rebuilding of the new Russian territories. We must keep in mind the new Russian states have HUGE potential and will attract also foreign investors and Russian oligarch’s will hopefully learn their lesson and invest their funds in Russia and other safe markets where their assets cannot be sized.
People don't seem to understand how vital Russia is to the global economy. India's neutrality paid off. Europe's foolishness costs them.
Yeah nah, not all countries are suffering from energy shortages, and the fact that western countries are investing into India instead of China, depends on how you use it, and India is not energy independent, you can buy cheap energy supply from Russia, but the costs of delivery is higher, due to the distance,
Uno Hemant Parakh
Joint Venture between two Countries can resolve this problem
Yes follow India, don't get involved in wars it will drain you n make you suffer. Sometimes need to make compromise not ego
Why do you keep saying Russia cut off gas supplies when it was EU that refused both long term contracts and to pay in Rubles? Also refused to start using the NS2, not to mention acquiescing to blowing up the pipelines...Russia was a reliable supplier of gas and oil, as is obvious from the fact it honours all contracts with countries who have not refused to pay.
Nan Hin Ting
It's a good lesson for US and Europe though they caused the rest of the world to suffer along. It's the right time to welcome a new world order.
Cheap Russian oil can always do wonders to economy
India was the smartest, 1st with their government giving out cov2 prevention and treatment kits, then by recognizing its dependence on Russian fossil fuel, and so it did what was best for India, a country with a burgeoning population.
Glad India, China and others didn't fall into this trap.
Asian, Latin American and African countries need to have their own economic and political union to increase trade among themselves and trade in their own currencies using their own payment mechanisms and do away with SWIFT which makes over 600 billion just out of transaction fees. Also Asia, Africa and Latin America should be made free of western military influence and all western military bases need to be force closed
The USA will just print more money and the countries of the world will accept this cash and give it a value, when its not worth the paper it has been printed on.The US dollar value should be adjusted down every time the USA balance their books by printing money.
Yes citizens come first when making economic decision
I hope the de ocrats can finally be held accountable.
Point of correction...the EU, US will go down alone the rest will prosper
just wait and watch what happens to India in 2023, we have seen the same story and same pattern in 2018-2019
Fed is printing USD again?
It’s time to dismantle EU
Don't flatter yourselves.. The World can survive without you!
India has 8 % inflation at least.
Mahinder Nicholas Samuel
After 15 January India Economic fall down to zero