UNCTAD calls for c ourse correction and multilateral synchronisation of monetary and fiscal policies, a substantial debt-reduction programme for developing and low-income countries, and a massive increase in official development assistance. In its flagship report, UNCTAD says the global economy is projected to grow at 2.5% this year, decelerating further to 2.2% in 2023. However, such overly upbeat pronouncements conceal the actual ground realities of massive unemployment, worsening income inequalities, and poverty. Recently, Prime Minister Narendra Modi claimed that “India’s economy is expected to grow by 7.5% this year, which will be the highest among the world’s largest economies.” It is true that in an economically depressed world, India’s growth rate for 2022 would certainly be higher than many G20 countries. India’s Gross Domestic Product (GDP) growth is expected to decelerate to 5.7% in 2022 from 8.2% last year due to higher financing costs and weaker public expenditures, the United Nations Conference on Trade and Development ( UNCTAD) has said.Īmidst worsening global crises, which are apparently exacerbated by continued interest rate hikes by the United States and other major industrialised countries, UNCTAD has called for an urgent policy correction in its Trade and Development Report (TDR) for 2022.Ĭontrary to the glib pronouncements made by India’s ruling dispensation that India would witness a continued high growth trajectory in the world, UNCTAD’s estimates suggest that country’s GDP growth is likely to decelerate to 4.7% in 2023.Īlso read: India’s Economic Narrative Might Be Glowing.
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