New Delhi: The economy of the whole world including India will have to face the heat of Russia-Ukraine war. In view of this, UN Conference on Trade and Development (UNCTAD), an organization of the United Nations (UN), has cut its estimate of India’s economic growth. UNCTAD report states that India’s economy will grow at the rate of 4.6 percent in 2022.
obstacles have to be faced
Earlier, the Indian economy was estimated to grow at 6.7 percent, that is, UNCTAD has cut its earlier estimate by 2 percent. It has been said in the report that due to the Russo-Ukraine war, India will face problems on many fronts. These include energy access and prices, trade restrictions, food inflation, tough policies and financial instability.
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Global growth forecast also reduced
The impact of the war will also be on the global economy. Therefore UNCTAD has also reduced the global growth rate by 1 percent. According to UNCTAD, in 2022, the global economy will now grow at the rate of 2.6 percent. Earlier it was estimated to be 3.6 percent. The economies of developing countries will be scorched more in the heat of war.
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Russia will be in the grip of deep recession
It has been said in the report that Russia may be in the grip of deep recession this year. The growth rate of this country, which started the war, can go to minus. It can go below zero to 7.3 percent. At the same time, the growth rates of some countries of West Asia, including Western Europe, South and Southeast Asia, are expected to decline more. UNCTAD has reduced the US growth rate estimate to 2.4 per cent and China’s estimate to 4.8 per cent.
Tags: economic growth, Indian economy, United Nation
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