CURRENT AFFAIRS

Detailed explanation-1: -Description: Global growth is projected at 6% in 2021, moderating to 4.4% in 2022.

Detailed explanation-2: -The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, then rise to 3.1% in 2024. “Our growth projections actually for India are unchanged from our October Outlook.

Detailed explanation-3: -The forecast is in line with the Reserve Bank of India’s projection of 6.8% GDP growth for 2022-23. It highlighted that monetary policy tightening to fight inflation and geopolitical uncertainty due to Russia’s war in Ukraine would continue to weigh on global economic activity in 2023.

Detailed explanation-4: -The International Monetary Fund (IMF) has also lowered India’s gross domestic product (GDP) growth projection for 2022-23 to 6.8% from the earlier 7.4%, citing the impact of a slowing global economy, stubborn inflation, rising interest rates and the Ukraine war.

Detailed explanation-5: -The Economic Survey 2022-23 estimated India’s GDP growth at 6.5 per cent, which is lower than the projected 7 per cent growth for the ongoing financial year.