The global economy has begun to improve, but the recovery will be weak, according to the OECD's latest Economic Outlook. The Economic Outlook projects a moderation of global GDP growth from 3.3 per cent in 2022 to 2.7 per cent in 2023, followed by a pick-up to 2.9 per cent in 2024.
The latest fund inflows started after the recent banking crisis in the US, leading to the Silicon Valley Bank's closure, among others, in March. Also, India's strong economic outlook seemed to have a renewed appetite for domestic stocks.
The IMF report said that India and China, the two largest emerging market economies of the Asia-Pacific are expected to contribute around half of global growth this year, with the rest of Asia and Pacific contributing an additional fifth.
A few days back, IMF released its much-awaited World Economic Outlook report 'A Rocky Recovery' which had predicted that India would grow 5.9 per cent this year.
In its flagship World Economic Outlook report, the International Monetary Fund (IMF) projected that India would be the fastest-growing economy in the world, despite confronting considerable challenges such as financial sector turmoil, inflationary pressures, effects of the Russia-Ukraine
Unemployment among Chinese urban residents aged 16 to 24 rose sharply to 19.6 per cent in March from 18.1 per cent in February, close to the record high set last July when it reached 19.9 per cent, according to the Bureau of Statistics.
Thousands rally against the judicial overhaul on Saturday evening, the day after leading rating agency Moody's downgraded Israel's economic outlook from positive to stable, citing the "deterioration of Israel's governance" amid the coalition's highly contentious bid to dramatically weaken
Nirmala Sitharaman stated that "despite this year's projected growth rate of over 6 per cent for the Indian economy, we remain concerned about the global economic outlook and geopolitical environment", according to a tweet posted by the ministry of finance on Thursday.
"We realize that 2020-2021 has been actually a lot better than we thought and so actually there's less room for catching up. And that pent-up demand from consumers that were informing our previous forecast is therefore going to be less because they've already had more catching up before.
The International Monetary Fund (IMF) in its flagship World Economic Outlook projected that India will be the fastest growing economy in the world amid financial sector turmoil, high inflation, ongoing effects of the Russia-Ukraine war, and three years of COVID.