BANKING AFFAIRS

Detailed explanation-1: -Description: The January 2023 World Economic Outlook Update projects that global growth will fall to 2.9 percent in 2023 but rise to 3.1 percent in 2024. The 2023 forecast is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook but below the historical average of 3.8 percent.

Detailed explanation-2: -World Economic Outlook is a report published by the International Monetary Fund twice a year.

Detailed explanation-3: -The IMF publishes the WEO report twice a year based on data obtained from its consultations with member countries’ governments. The IMF also publishes two additional and less comprehensive WEO Updates a year, each three months after the main WEO report.

Detailed explanation-4: -Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below the historical (2000–19) average of 3.8 percent.

Detailed explanation-5: -What are the Highlights of the World Economic Outlook? Indian Scenario: It cut its forecast for India’s Gross Domestic Product (GDP) growth in 2022 to 6.8%, from 7.4% for India in the fiscal year that started in April 2022. For 2023, India has been projected to grow at 6.1%.