World Bank chief says India, China "two exceptions" to global slowdown this year

Washington: India and China are “two exceptions to the slowdown” that the global economy is expected to experience this year, World Bank Group President David Malpass said. In his Opening address at the ongoing Spring Meetings 2023 Media Call, ahead of the International Monetary Fund and World Bank Spring Meetings week, Malpass said that global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022. “I note the stability of China’s currency and the countercyclical nature of its monetary policy. India continues to be one of the fastest-growing major economies in the world. We are looking for growth of 6.3 per cent in their FY23/24,” he said. Watch: IMF Outlook 2023: India and China to Drive Global Economic Growth | Vantage with Palki Sharma

Last month, the Boao Forum for Asia, Beijing’s prominent official think tank, said in a report that Asian economies are accelerating the pace of overall economic recovery in 2023, making them top performers given the global economic slowdown. China and India would contribute to half of the world’s growth this year, the report said, citing data from the Washington-based International Monetary Fund (IMF). According to IMF projections, India is expected to grow at 6.8 per cent in 2023, followed by China with 5.2 per cent. Global recession fears | Indian economy emerges as a bright spot | Vantage with Palki Sharma

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