The ongoing war between Russia and Ukraine has not yet yielded any results. But it has shaken the global economy. The fact is that the growth rate of all countries, including India and the United States, has started falling head over heels because of this. The war has pushed up fuel and food prices, slowing growth.
The International Monetary Fund (IMF) on Tuesday projected India’s economic growth to be 8.2 percent in 2022. However, India will remain a fast-growing country. But this estimate is 0.8 percent higher than last year’s growth forecast
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Even so, India’s growth rate will be almost double that of China at 4.4 percent. The IMF in its report has projected the global growth rate to be 3.6 percent in 2022 and 2023. This is 0.8 percent and 0.2 percent less than the estimates given in January, respectively.
The IMF said in its annual report that global growth is projected at 3.6 percent this year. This is significantly lower than the 6.1 percent of 2021. The 2023 economic growth forecast for Asia, including Japan, has been reduced to 0.9 percent, while in the case of India, it has been reduced to 0.8 percent. Japan’s growth rate is projected to be 2.4 percent in 2022 and 2.3 percent in 2023. In 2022 The UK will accumulate at a rate of 3.7 percent. But in 2023, its GDP is about to shrink to 1.2.
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The report estimates that China‘s economic growth rate will be 5.1 percent in 2023. China’s growth rate in 2021 was 8.1 percent. The US is projected to grow at percent in 2022 and 2.3 percent in 2023. In 2021, the US economic growth rate was 5.7 percent.
According to the report, the GDP of both Russia and Ukraine is expected to fall sharply in 2022. Ukraine will suffer the brunt of the war, as Putin’s army has destroyed the system there. The IMF says weakening domestic demand is the main reason for the slowdown in economic growth. High oil prices are affecting private consumption and investment.
