India's business seems unaffected by slowdown: Report

 

Global real GDP growth is projected to slow from 5.9% in 2021 to 2.8% in the current year and 1.4% in 2023

• India has the most positive prospects for international trade among the top 10 world economies, says the report

S&P Global Market Intelligence in its latest Global Trade Monitor report has said that India's business does not seem to be affected by the economic slowdown.

The report said that among the top 10 economies of the world, India has the most positive prospects in terms of international trade.

The world's top 10 economies—the US, the European Union27, mainland China, Japan, the UK, India, Brazil, South Korea, Canada and Russia account for nearly four-fifths of world GDP and three-quarters of global exports. are responsible for. Most of the business is done within the group.

Monthly historical data from the report showed that exports slowed mainly in most economies within the group of top 10 economies.

"The picture is slightly more optimistic for imports, yet the situation is expected to worsen in the coming months for both exports and imports, which is reflected in recent PMI Nexo readings," the report said.

The consequences of the global economic slowdown are not evident in the monthly data for 2022 as export and import dynamics in the top 10 economies were relatively strong in the first three quarters of the year.

“This should translate into still positive growth from an annual perspective in 2022, yet a global trade contraction can be expected in 2023. The GTAS forecast expects trade recovery to begin in 2024, returning to a long-term stable growth path is," it added.

On economic growth, the report said Europe, the US, Canada and parts of Latin America are likely to enter recession in the coming months. The world economy may avoid recession, with moderate growth in Asia Pacific, the Middle East and Africa, but growth will remain minimal.

Global real GDP growth is projected to slow from 5.9% in 2021 to 2.8% in the current year and 1.4% in 2023. Notably, S&P Global Market Intelligence revised its 2023 growth forecast 0.6 percentage points from last month's forecast.