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- India’s economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021, citing higher financing cost and weaker public expenditures, according to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022.
- UNCTAD projects that the US economy will grow at 1.9 percent in 2022, a decline from 5.7 percent in 2021, and will further slow down to 0.9 percent in 2023. Meanwhile, China’s economic growth is projected to be 3.9 percent in 2022, a decline from 8.1 percent in 2021, and a 5.3 percent growth next year. The report added that the share of commodities in China’s and Egypt’s imports is 38 percent, and more than 50 percent of India’s imports are (primary) commodities including food and fuel. As a result, higher commodity prices have a strong impact on domestic prices via imports. Recent estimates covering the past five decades suggest a 50 percent increase in oil prices (approximately the increase in 2021) is associated with an increase in inflation of between 3.5 and 4.4 percentage points, with a lag of about two years.
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Published date : 06 Oct 2022 05:33PM
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