World Bank chief says India, China "two exceptions" to global slowdown this year

According to IMF projections, India is expected to grow at 6.8 per cent in 2023, followed by China with 5.2 per cent.

FP Staff|Apr 11, 2023, 18:40:23 IST

Washington: India and China are "two exceptions to the slowdown" that the global economy is expected to experience this year, World Bank Group President David Malpass said.

In his Opening address at the ongoing Spring Meetings 2023 Media Call, ahead of the International Monetary Fund and World Bank Spring Meetings week, Malpass said that global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.

“I note the stability of China's currency and the countercyclical nature of its monetary policy. India continues to be one of the fastest-growing major economies in the world. We are looking for growth of 6.3 per cent in their FY23/24,” he said.

Watch: IMF Outlook 2023: India and China to Drive Global Economic Growth | Vantage with Palki Sharma

US set to announce new tariff plan as temporary 10% duty nears expiry

The White House said a tariff announcement will be made later on Thursday, with the Trump administration preparing fresh duties on around 60 economies, including India, China and the European Union.

2 min read

India rejects Pakistan's 'baseless' claims at Asean, says Indus Waters Treaty to remain on hold

India accused Pakistan of misusing the Asean Regional Forum to spread false narratives, reiterating that the Indus Waters Treaty will remain suspended until Islamabad credibly and irrevocably ends cross-border terrorism.

1 min read

Indian trucker arrested in US over alleged theft of $3 million worth of tungsten powder

A 39-year-old Indian national living illegally in the US has been arrested in California after authorities alleged he stole a truck carrying nearly $3 million worth of hazardous tungsten powder.

1 min read

Austria turns Hitler’s birthplace into a police station 81 years after his death: 5 things to know

Austrian authorities inaugurated a police station at the birthplace of Adolf Hitler after years of debate around the site’s troubled legacy.

3 min read

Nawaz Sharif wants to become prime minister of PoK — but laws framed by Pakistan disqualify him

Former Pakistani Prime Minister Nawaz Sharif has said that he would ask his brother, Prime Minister Shehbaz Sharif, to appoint him as the Prime Minister of Pakistan-occupied Jammu and Kashmir (POJK). But the Constitution bars him from making such a move.