Economic Recession: The economy of advanced countries has collapsed, what is the effect of global economic slowdown on India?
financial crisis: After the Kovid epidemic, some such challenges have been seen around the world, due to which the rulers and systems of many countries have failed. According to the information that has come out after the World Bank report, such a crisis is after 1970. This is a crisis of economies around the world.
America, which was a superpower some time ago, has also come in the grip of economic recession. Along with the growth of China’s economy, there has been an eclipse on it too, which is not taking the name of postponement. On the other hand, there is still uncertainty in this regard in European countries as well.
But before Corona this picture was something else. The economic situation in India was not bad except for a few schemes. But, Covid came and changed the picture in a jiffy. The number of unemployed increased rapidly. This had a direct impact on the economy of the country.
How dangerous is the current global economic slowdown? (What will be the effect of economic slowdown in India, read details)
The World Bank has said that the risk of global recession will be high in 2023. Central banks around the world seem to be increasing their interest rates. The cost of wind measurement in favor of various schemes will also be another reason for increasing the slowdown in the coming years.
What and how will the global recession affect India?
The economic structure of India is completely different from European countries and America. Therefore, the slowdown there will not have much effect on India. But, there will be a reduction in jobs in the textile industry, diamonds, jewellery, pharma sector. The tourism and hotel sector will also be affected by the global slowdown.
With only a few days left in the beginning of 2023, efforts have been started from India to further strengthen the economy. It cannot be denied that there will be an impact of slowdown in the country, which may reduce the economic growth rate in this financial year. This will also have an impact on small scale industries. But, compared to European countries and America, the impact of recession here will be less.