Macro Update
The World Bank slashed its growth forecasts for most countries and regions, and warned that new adverse shocks could tip the global economy into a recession. Global growth is forecasted to increase by 1.7% in 2023 from 2.9% in 2022 and forecasted to grow by 2.7% in 2024. It said that the Indian economy will have better growth than others in FY24. Indian economy is projected to grow by 6.6% in FY24.
China’s credit expanded at a slower-than-expected pace in December as Covid-19 disruptions and a turbulent bond market weighed on borrowing activity. Aggregate financing, a broad measure of credit, was Yuan 1.31tn (USD193bn) last month, the People’s Bank of China said.
January 11, 2023