EVEN AS THE WORLD was making peace with the Russia-Ukraine conflict, and the global economy showing signs of recovery, the Israel-Hamas war has opened up new worries. The Ukraine war has resulted in a sharp rise in crude oil and commodity prices, further slowing the growth of the world economy.
The International Monetary Fund’s (IMF) World Economic Outlook Update, that released recently, says forces, including the long-term consequences of the Covid-19 pandemic, the war in Ukraine, and increasing geo-economic fragmentation are holding back the recovery. It predicts the global economy to grow at 3 per cent in 2023, which could slow to 2.9 per cent in 2024.
The economic repercussions of the Israel-Hamas war are still playing out, but India is unlikely to go unscathed. “The overall global economic conditions remain a concern. The world cannot manage two wars at once,” says N.R. Bhanumurthy, Vice Chancellor of Dr. B.R. Ambedkar School of Economics University, Bengaluru, adding that any worsening of global economic conditions would impact the Indian economy.
For India, which has already been dealing with inflation, the Israel-Hamas war has brought fresh concerns. Finance Minister Nirmala Sitharaman, during her recent visit to Morroco to attend the IMF-World Bank Annual Meeting and G20 Finance Ministers and Central Bank Governors meeting, highlighted that the Middle Eastern crisis, fuel prices and fragmentation of global supply chains remain major concerns for emerging markets.
This story is from the November 12, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 12, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Dark Side Of Gold Loans
There Has Been A Sharp Rise In Gold Loans In Recent Years. But There Is A Seedier Side To This, As Is Evident From The Red Flag The RBI Raised Recently. Will The Regulator's Move Protect Customers?
All That Glitters
The price of gold has been rising unabated. It has soared to more than 73,000 per 10 gm in 2024 from *31,000 in early 2018. Is the rally sustainable or is this a bubble?
"Hire for attitude, not ability"
Thryve Digital is a player in the healthcare technology sector delivering next-generation solutions
Road Warrior
For Khalid Wani, Senior Director of Sales at Western Digital India, life is much more than just the corner office. Biking across the world is one way he derives meaning for his life
WIDENING THE POOL
THERE HAS BEEN A JUMP IN INDIVIDUALS INVESTING DIRECTLY IN THE STOCK MARKETS, BUT MUMBAI AND AHMEDABAD STILL ACCOUNT FOR THE LION'S SHARE. THERE DEFINITELY IS SCOPE FOR IMPROVEMENT IN TERMS OF PENETRATION LEVELS ACROSS THE COUNTRY
CRISIS IN THE CLOUDS
INDIAN AVIATION IS IN CRISIS. AIRLINES ARE GRAPPLING WITH FLIGHT CANCELLATIONS, CREW SHORTAGES, AND COMPLAINTS ABOUT POOR SERVICE, ARE BLEEDING DUE TO RISING COSTS WILL THE FASTEST-GROWING AVIATION MARKET RECOVER?
"India should start privatising public sector banks"
Arvind Panagariya, Chairman of the 16th Finance Commission, on growth, inequality, jobs, the banking sector, and more
"I LET MY WORK DO THE TALKING"
Megha Engineering & Infrastructures MD P.V. Krishna Reddy on being low profile, the infra opportunity and much more
"Core of insurance lies in long-term security"
Vibha Padalkar, MD & CEO of HDFC Life, on the insurance provider's performance, surrender charges, and future innovations
Distress in the Books
Bandhan Bank, the brainchild of Chandra Shekhar Ghosh, has made the journey from an MFI to a bank, but with many hurdles. Now with his resignation as MD & CEO, is the lender staring at more uncertainty?