Global Recession 2023. Worst is yet to Come

International monetary fund has cut the world-wide growth projection. In fact it has said that worst is yet to come. This is a flawless indication towards the looming recession that many people are dreading but in all of this there is one bright spot and that is India.

According to officials of IMF although India will also be feeling the impact of this Global slowdown it will be a bright spot. Let's take a look at the growth prognoses for India now IMF during last month in its World economic Outlook estimated a growth rate of 6.8 percent in 2022 for India which if we relate it to 2021 it was 8.7 so there is a major cut but paralleled to other countries this is still better.

 Now let's look at what 2023 is going to be about for India. Right now the projection the forecast shows that the growth has further slid down and it is at 6.1 percent so when IMF says that worse is Yet to Come it is clearly indicating towards 2023 when a large part of our global economy will be impacted in fact it is believed that one third of global economy will have to face a recession or a global slowdown and IMF is currently predicting that now if you look at the global growth forecast that IMF has given in its report it is 2.7 in 2023.

Now these levels are actually very low if you look at our economy or the global economy since 2001, these kind of numbers have not been seen. In fact it was only during the peak of the pandemic that we saw the global economies contracting but that was quite obvious because there were massive lockdowns all over the world and also during the recession we had seen this kind of a contraction of the global economy so this 2.7 in 2023 is going to be a major concern for most people.

 Now if you look at the July forecast that IMF had done compared to that also it's a 0.2 percent fall in terms of the numbers that we are seeing. So this would mean a recession for millions of people around the world.

I told you earlier about one third of the economy is going to contract and that's a huge and that's going to impact a huge population of this world. Now if we look at the world's three largest economies that's United States European union and China they are also going to experience a Slowdown.

 India of course is going to experience a Slowdown but as I told you earlier it's not going to be that bad in fact it's being called a bright spot what are the reasons behind it well everybody knows it there are main reasons if we try to list them it's going to be the China economy which is facing a slowdown currently.

 One of the biggest reasons is the Ukraine Russia War, it's impacting the entire world, the energy crisis or the cost of living has risen across many economies. We have seen a significant rise of cost of living in England and in fact people are right now hesitant to stay indoors and work from home and they want to go back to their workplace because they cannot afford the enhanced gas prices, the energy prices so this is all stemming from the Russia Ukraine war and currently world over we are seeing the gas prices and the fuel prices rising and even India is being impacted by that

So a recession is coming and that is something that everybody was already predicting but unfortunately some of the countries which could have increased their production of fuel did not do that, so is USA which has the capacity but did not do so and now it's going to impact the entire world so be prepared for the recession.

 what do you think about this article do comment in the comment section and tell me. Id appreciate some feedback too.