Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades.
The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.
This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic. Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 but to decline to 6.5 percent in 2023 and to 4.1 percent by 2024.
Indian Chamber of Commerce (ICC) has recently organised an Annual Session along with YLF on Global Economic Situation with Mr.Deepak Parekh, Chairman HDFC Ltd.Mr. Deepak Parekh, Chairman, HDFC LTD in his speech said, ”Globally, the dangerous recession has changed and turned several burning lights. I’m talking globally, across the
globe, we can see economic crisis , political crisis , social crisis , currency crisis , trade crisis , cost of living crisis, and climate change crisis all play simultaneously. We are in a mix of global all in crisis. It is not just a situation of multiple interconnected crisis but the situation as a whole is more dangerous than some of the parts. Last month, the IMS Chief Kamlesh Sajnani warned the worst is yet to come. At best, let us hope like the beginning
of the year we get this prediction wrong. Global growth which was 6.1% last year that is year 2021 is estimated to fall by nearly half 3.2% in 2022. I’m talking about Global growth which is projected to drop further in 2023 to 2.7% . More than a third of the Global Economy will contract this year or next year. While the big three economies of the United States , China and the European Union are all projected to fall. Infact US, another developed country, is having negative GDP growth rates from the last three quarters”.
Mr. Pradeep Sureka, President, Indian Chamber of Commerce said, “I’ve personally penetrated from your insights on corporatization and transparency, especially in realistic industry . We would all like to hear the brief part on Mr. Deepak Parekh’s thoughts on vision 2047”.
Commencing the event ceremony, Mudit Beriwal, Chairperson of the Young Leaders Forum, said, “I express my gracious thanks to Mr. Deepak Parekh for his presence despite his extremely busy schedule and providing us with a thought provoking session from the Financial and Economic Industry as a whole. I think the session could successfully address the key issue associated with the present scenario with regards to the financial sector. And moreover, this session has left behind with us a positive thought and sense for our country’s growing economy in the upcoming years.”
