Even though pandemic-related disruptions continue to weigh on the global economy, India is expected to experience healthy growth this year. The Indian economy is expected to expand by 7% in 2021, according to the IMF.
China (expected to grow at 8.1 percent), Saudi Arabia (6.6 percent), the United States (5.1 percent), and the United Kingdom (4.5 percent) are other economies that are anticipated to experience robust growth this year.
It is expected that Japan, Germany, and France, as well as other major economies, will grow at rates of 1.2%, 3.5%, and 4.2%, respectively.
The International Monetary Fund (IMF) is forecasting global growth of 6% in 2023, compared to 4.7% in 2022. The U.S. economy is expected to grow at 5.1%, while the Eurozone is forecasted to expand by 3.5%. China is expected to post a strong 8.1% growth in 2023, while India's economy is anticipated to grow at 7%.
Japan is forecasted to grow at 1.2%, while Saudi Arabia is expected to see growth of 6.6%. The UK is forecasted to grow at 4.5% and France is expected to expand by 4.2%. Global inflation is expected to continue to rise over the rest of the year, but remain within target range for most countries.
Growing food insecurity in low-income nations may be exacerbated by rising food prices and rapid overall inflation. The recovery in global trade offers an opportunity for emerging market and developing economies to bolster economic growth. Policymakers would have to ensure that rising inflation rates do not lead to a de-anchoring of inflation expectations.
Securing equitable vaccine distribution and providing far-reaching debt relief will be essential to ending the pandemic.
