Although the country’s GDP is expected to increase by more than 6% this year, India is nonetheless concerned about the geopolitical situation and the world economy. In its most recent World Economic Outlook, the International Monetary Fund (IMF) issued a warning that a sharp tightening of financial conditions worldwide might have a significant impact on lending conditions and public budgets, particularly in emerging markets and developing countries.
The IMF forecasts that global growth would peak at 2.8% in 2023, slightly below its earlier prediction, before edging up to 3% in 2019.
In addition to expressing opinions on speeding progress on deliverables anticipated under India”s G20 presidency, participants discussed the key threats to the outlook for the global economy and potential areas of policy coordination on urgent global concerns.
Progress was made on the agenda for improving MDBs, including hearing from MDBs about the implementation of the panel’s recommendations and asking G20 members for their opinions on the next steps for the expert group on strengthening MDBs that was formed during India’s G20 presidency.
India’s dedication to all international initiatives to address the growing debt vulnerabilities as part of its G20 leadership and welcomed partnerships with the IMF and World Bank to promote this agenda.