Union Finance Minister Nirmala Sitharaman rightly noted on Wednesday that Indian exporters needed to be far more receptive to what was happening globally. This is important because the surge witnessed by Indian exporters in 2021-22 is tapering. Exporters benefited a great deal from the surge in global demand as the world economy was recovering from the pandemic-induced disruption. However, even as global supply chains are now normalising, the world economy is slowing, partly because of monetary tightening by large central banks to contain inflation. Although the global economy is now expected to do somewhat better than previously estimated, it is nonetheless anticipated to slow considerably. According to the International Monetary Fund’s (IMF’s) latest update, the global economy is expected to grow 2.9 per cent in 2023, which is 20 basis points higher than the previous estimate. The global economy is estimated to have grown 3.4 per cent in 2022.
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First Published: Thu, February 16 2023. 22:08 IST
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