All section Close
India Majorly Hit By Russia-Ukraine Conflict; GDP Growth Downgraded To 4.6%: UN Report
Writer: Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
India, 25 March 2022 6:36 AM GMT
Editor : Shiva Chaudhary |
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
The country may face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies, and financial instability.
India's estimated economic growth for 2022 has been downgraded by over 2 per cent to 4.6 per cent by the United Nations as a result of the ongoing Russia-Ukraine conflict. Earlier, the county was forecast to grow at 6.7 per cent. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection to 2.6 per cent from 3.6 per cent.
US Projection Fall
The report has relegated the gross domestic product (GDP) growth of the United States from 3 per cent to 2.4 per cent. China will also see growth decrease to 4.8 per cent from 5.7 per cent. It projects a deep recession for Russia, with growth decelerating from 2.3 per cent to -7.3 per cent.
From Food Inflation To Financial Instability
As a result, the United Nations informed that New Delhi will face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies, and financial instability, The Indian Express reported.
Slowdown In Other Countries
The report said that Russia would experience a recession this year, while the economy already faces stringent external constraints imposed by the sanctions. Besides, parts of Western Europe and Central, South and South-East Asia are also expected to experience the slowdown.
"India, in particular, will face restraints on several fronts: energy access and prices, primary commodity bottlenecks, reflexes from trade sanctions, food inflation, tightening policies and financial instability," the publication quoted the report.
Also Read: Pay For Stay: Madhya Pradesh To Get Luxurious Old Age Home For Senior Citizens
Must Reads
We are an independent and public-spirited digital media platform for Indian millennials. We report news and issues that matter as well as give you the opportunity to take action.
