CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The United Nations has upgraded India's 2024 economic growth prediction, predicting a solid expansion fueled by strong public investment and resilient private demand. The Indian economy is now estimated to rise by 6.9% in 2024, up from 6.2% in January, and 6.6% in 2025. This positive prognosis emphasizes India's role in improving South Asia's overall economic performance.
Strong Public Investment And Private Consumption
India's enhanced growth forecast is due to strong governmental investment and private demand. Despite low external demand, the pharmaceutical and chemical sectors are likely to experience strong export growth. The country's government remains committed to decreasing the fiscal deficit while expanding capital expenditure.
Inflation And Labour Market Trends
Consumer price inflation in India is expected to fall from 5.6% in 2023 to 4.5% in 2024, keeping it within the central bank's goal range of 2-6%. Inflation rates in other South Asian countries are also forecast to fall, with Iran having the highest projected rate of 33.6%. Food prices remain high, notably in Bangladesh and India, but labour market indicators in India are improving, with increasing labour force participation and solid economic development.
Regional Economic Outlook
South Asia's economic outlook is encouraging, thanks to India's robust performance and recoveries in Pakistan and Sri Lanka. Regional GDP is forecast to increase to 5.8% in 2024, up from 5.2% in January, and 5.7% in 2025. However, tight financial circumstances, fiscal and external imbalances, and prospective energy price hikes as a result of geopolitical tensions all pose hazards to the region's economic development.
Global Economic Projections
The global economy is now expected to increase by 2.7% in 2024 and 2.8% in 2025, with improved forecasts in the United States, Brazil, India, and Russia. While economies such as Indonesia, India, and Mexico benefit from strong internal and external demand, many African and Latin American countries have slow growth, high inflation, high borrowing costs, and political instability. Geopolitical uncertainty, notably in Gaza and the Red Sea, pose additional threats to the global economy.
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