This year has not proved to be good for the world in economic terms so far. At a time when the global economy was trying to recover from the effects of the pandemic, the shocks of inflation and war brought it to the brink of recession. Some major economies of Europe and the world have also come under the grip of recession. Although the good thing is that India is going to be safe from recession. The head of the World Bank has now given a solid reason for this.
World Bank President Ajay Banga said on Wednesday about the slowdown that the Indian economy is getting a lot of help from domestic consumption. A large part of India’s GDP is based on domestic demand. It is this domestic demand that is protecting India from the effects of global recession and slowdown.
India beating the world
Let us tell you that Germany, Europe’s largest economy, has officially gone into recession. Britain and France are also not far away from recession. Some good signs are coming from the world’s largest economy America, but the danger of recession is not completely averted. Asia’s largest and world’s second largest economy China is also faltering this time. At the same time, India continues to be the fastest growing major economy in the world.
meeting with finance minister
According to a news of news agency PTI, Banga also had a meeting with Finance Minister Nirmala Sitharaman today. After the meeting, he told that issues related to the G20 conference and cooperation between India and the World Bank were discussed with the Finance Minister. He said, India is the biggest market for the World Bank in terms of portfolio and all our interests are linked here.
the world is still in danger
Regarding economic issues, Banga said that the worst situation which was feared for the global economy has reduced. We have done well. However, the danger has not completely gone away yet. In the beginning of next year, global slowdown means global economic slowdown can be seen.
India will be saved from this one thing
On the other hand, regarding India, the World Bank chief said that the Indian economy can get relief on the basis of its domestic consumption. The bulk of India’s GDP comes from domestic consumption. In such a situation, even if there is a slowdown in the world for a few months, being based on domestic consumption will be a natural support for India’s economy.
Ajay Banga is of Indian origin
The meeting of Finance Ministers and Governors of Central Banks of G20 countries was held in Gandhinagar. The role of multilateral development institutions like the World Bank and the International Monetary Fund was also discussed in this. Banga, the first person of Indian origin to head the World Bank, is currently on a visit to India. He took command of this international organization in the beginning of June.
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