The global economy is expected to contract significantly this year but the worst seems to be behind us, both in terms of growth and inflation, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday.
"On the growth front, projections are now veering around to a softer recession as against a severe and more widespread recession projected a few months back," Das said at an event in Dubai.
According to the International Monetary Fund's latest economic outlook, global growth is forecast to slow to 2.7 percent in 2023 from 3.2 percent in 2022. The RBI said last month that it expected India's economy to grow at 6.8 percent in the current financial year.
Although easing inflation in various countries had resulted in what appeared to be a pivot towards lower rate hikes or pauses by central banks, Das said global monetary authorities had "emphatically" reiterated their resolve to bring inflation closer to their targets.
However, there was a distinct possibility of high policy rates persisting for a longer span of time, he added.
Bu hikaye Business Standard dergisinin January 28, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin January 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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