Indian economy / The threat of recession with the new year on the world! But this good news brought to India

Indian economy: People all over the world are eagerly waiting for the new year. But the coming year is going to be challenging for the world. In fact, according to the report of the Center for Economics and Business Research (CEBR), the world will face recession in 2023. According to the report, to control skyrocketing inflation, central banks around the world will increase interest rates. This will reduce the market demand. This will work to push the whole world into recession. At the same time, the good news for India is that no one can stop India from becoming an economic superpower. CEBR has said in its report that it is difficult to control the pace of India's growth. By the year 2035, the Indian economy is estimated to be 10 trillion dollars. At the same time, it is expected to become the third largest economy by the year 2037.

India will reach third place

According to CEBR, India will jump from fifth position to third position by 2037 in the global economy ranking. India's annual GDP growth rate is expected to average 6.4 per cent over the next five years, followed by an average growth rate of 6.5 per cent over the next nine years. According to the CEBR report, India's estimated PPP-adjusted GDP per capita in 2022 is $8,293, which classifies it as a lower middle-income country. The UK-based consultancy has suggested that growth in the current fiscal is expected to be 6.8 per cent despite a rise in key rates and a slowdown in global demand. PPP is GDP gross domestic product, converted into international dollars using purchasing power parity rates. The institute further said that although agriculture employs the majority of India's labor market, it is the services sector, which drives the country's economic activity.

world GDP will double

According to the report, by the year 2037 the world's GDP will double. This will happen due to the growth in the economy of many developing countries. East Asia and the Pacific region will account for more than a third of global output in the global economy, while Europe's share will drop to less than a fifth. However, next year the global economy will suffer a setback. As per the report, the global economy is set to cross $100 trillion for the first time in 2022.