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For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table. 

Recession on horizon for world economy in coming year, says research

For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;

As 2023 approaches, the world faces a recession threat, says UK-based Centre for Economics and Business Research (CEBR). Higher borrowing costs aimed at controlling inflation have caused a number of economies to contract.&nbsp;
'It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation,' said Kay Daniel Neufeld, director and head of Forecasting at CEBR.
For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;
'The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come,' the report added.&nbsp;
The centre had warned in October that more than a third of world's economy will contract and a 25% chance exists that global GDP will grow less than 2% in 2023, defining that as global recession.&nbsp;
The research centre data is based on the International Monetary Fund's (IMF) World Economic Outlook, and uses an internal model to forecast growth, inflation and exchange rates.&nbsp;
China which is set to overtake the US as the world's largest economy until 2036 at the earliest is seeing a slowdown in its economic expansion. It's zero Covid policy and high trade tensions with the West are causing the slowdown, the report said.&nbsp;
Also Watch| <a href="https://www.editorji.com/economy/will-take-measures-to-further-ease-inflation-says-finance-minister-in-lok-sabha-1671024197958">Will take measures to further ease inflation says Finance Minister in Lok Sabha</a>
The take over which was supposed to happen by 2028, according to the CEBR will only happen till 2036 or later if China tries to take control of Taiwan consequentially facing retaliatory trade sanctions.&nbsp;
"The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia's attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation," CEBR said.
"But the damage to China would be many times greater and this could well torpedo any attempt to lead the world economy."
The CEBR also predicted that India will become the third $10 trillion economy in 2035 &nbsp;and the world's third largest by 2032.&nbsp;
While the United Kingdom will remain the world's sixth largest economy, and France will be in seventh place over the next 15 years.&nbsp;
Britain however, will no longer grow faster than its European peers due to 'an absence of growth oriented policies and the lack of a clear vision of its role outside of the European Union,' said the report.&nbsp;

'Even Pak handled Covid better': Rahul's dig at govt

Rahul Gandhi took a dig at the Centre over IMF's projection of a 10.3% contraction in&nbsp;Indian economy, saying it was another "solid achievement" by the Modi government

Congress leader Rahul Gandhi took a dig at the Centre on Friday over IMF's projection that the Indian economy is set to contract by a massive 10.3 per cent this year, saying it was another "solid achievement" by the government.&nbsp;Gandhi tweeted a swipe at the government by tagging a chart that showed IMF growth projections for 2020-21 for Bangladesh, Myanmar, Nepal, China, Bhutan, Pakistan, Sri Lanka, Afghanistan and India.&nbsp;"Another solid achievement by the BJP government. Even Pakistan and Afghanistan handled Covid better than India," Gandhi tweeted.

New Delhi, PTI: Congress leader Rahul Gandhi took a dig at the Centre on Friday over IMF's projection that the Indian economy is set to contract by a massive 10.3 per cent this year, saying it was another "solid achievement" by the government.
Gandhi tweeted a swipe at the government by tagging a chart that showed IMF growth projections for 2020-21 for Bangladesh, Myanmar, Nepal, China, Bhutan, Pakistan, Sri Lanka, Afghanistan and India.
The chart showed that the Indian economy is projected to contract by a massive 10.3 per cent this year, the highest contraction among the countries mentioned.
"Another solid achievement by the BJP government. Even Pakistan and Afghanistan handled Covid better than India," Gandhi tweeted with the chart.
The former Congress chief on Wednesday had also taken a dig at the government over IMF growth projections showing Bangladesh closing in on India in terms of per capita GDP this year and described it as a "solid achievement" of six years of BJP's "hate-filled cultural nationalism".
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund had said on Tuesday.
However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.

Indian economy to bounce back with 8.8% growth in 2021: IMF

PTI,&nbsp;Washington: The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.
However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.
America's economy is projected to contract by 5.8 per cent in 2020 and grow by 3.9 per cent the next year, the IMF said.
China is the only country, among the major economies, to show a positive growth rate of 1.9 per cent in 2020, it said.
The IMF in its report said that revisions to the forecast are particularly large for India, where Gross Domestic Product (GDP) contracted much more severely than expected in the second quarter.
"As a result, the economy is projected to contract by 10.3 per cent in 2020, before rebounding by 8.8 per cent in 2021," it said.
In 2019, India&rsquo;s growth rate was 4.2 per cent.
According to the IMF, India is among those likely to suffer the greatest damage from global warming, reflecting its initially high temperatures. For India, the net gains from climate change mitigation-relative to inaction-would be up to 60-80 per cent of GDP by 2100.
While estimates of losses from climate change are somewhat smaller for colder regions (for example, Europe, North America, and east Asia), these are likely underestimations as they do not include a number of damages (for example, rise in sea levels, natural disasters, damage to infrastructure from thawing of permafrost in Russia) and negative global spillovers from large economic disruptions in other parts of the world.
Last week, the World bank said India's GDP this fiscal is expected to contract by 9.6 per cent.
"India&rsquo;s GDP is expected to contract 9.6 per cent in the fiscal year that started in March," the World Bank said in its latest issue of the South Asia Economic Focus report.
"The situation is much worse in India than we have ever seen before," Hans Timmer, World Bank Chief Economist for South Asia, told reporters during a conference call last week. "It is an exceptional situation in India. A very dire outlook," he said.
There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.
In the report, the World bank said the spread of the virus and containment measures have severely disrupted supply and demand conditions in India.&nbsp;

The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report. Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.

PTI,&nbsp;Washington: The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.
However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.
America's economy is projected to contract by 5.8 per cent in 2020 and grow by 3.9 per cent the next year, the IMF said.
China is the only country, among the major economies, to show a positive growth rate of 1.9 per cent in 2020, it said.
The IMF in its report said that revisions to the forecast are particularly large for India, where Gross Domestic Product (GDP) contracted much more severely than expected in the second quarter.
"As a result, the economy is projected to contract by 10.3 per cent in 2020, before rebounding by 8.8 per cent in 2021," it said.
In 2019, India&rsquo;s growth rate was 4.2 per cent.
According to the IMF, India is among those likely to suffer the greatest damage from global warming, reflecting its initially high temperatures. For India, the net gains from climate change mitigation-relative to inaction-would be up to 60-80 per cent of GDP by 2100.
While estimates of losses from climate change are somewhat smaller for colder regions (for example, Europe, North America, and east Asia), these are likely underestimations as they do not include a number of damages (for example, rise in sea levels, natural disasters, damage to infrastructure from thawing of permafrost in Russia) and negative global spillovers from large economic disruptions in other parts of the world.
Last week, the World bank said India's GDP this fiscal is expected to contract by 9.6 per cent.
"India&rsquo;s GDP is expected to contract 9.6 per cent in the fiscal year that started in March," the World Bank said in its latest issue of the South Asia Economic Focus report.
"The situation is much worse in India than we have ever seen before," Hans Timmer, World Bank Chief Economist for South Asia, told reporters during a conference call last week. "It is an exceptional situation in India. A very dire outlook," he said.
There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.
In the report, the World bank said the spread of the virus and containment measures have severely disrupted supply and demand conditions in India.&nbsp;

world economic outlook

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