November 05, 2024 09:04 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Global economy likely to shrink but worst may be over: RBI Governor
Global economy
Image Credit: wikipedia.org

Global economy likely to shrink but worst may be over: RBI Governor

| @indiablooms | 28 Jan 2023, 02:19 am

New Delhi/IBNS: The global economy is likely to shrink significantly this year but the worst—both in terms of growth and inflation—appears to be over, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday, media reports said.

Growth projections are now skewed towards a softer recession contradicting the earlier forecasts of a severe and more widespread recession, Das said at an event in Dubai, according to a Business Standard report.

As inflation in many countries has eased, there is an expectation that central banks would lower rate hikes or pause but authorities across the world have reiterated their resolve to bring inflation closer to their targets, he said.

There is a high possibility of higher interest rates prevailing for a longer period of time, he added.

Due to a robust financial system, Indian banks and companies have shown resilience despite the tough Covid-19 period and most banks are in a better shape than pre-pandemic days.

He said the Indian economy did well amid an uncertain global environment.

The apex bank governor maintained that while the decline in domestic inflation in November and December of 2022 is a “welcome” sign, the core inflation is yet to ease.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.