World Economic Forum: The meeting of the World Economic Forum was going on in Davos, Switzerland. The meeting ended on Friday. India has showcased its capabilities in this five-day meeting. There has been a lot of discussion on India’s economy in the forum. Despite the sound of recession, the Indian economy is seeing a boom.
Highlights
- The annual meeting of the World Economic Forum 2023 in Davos, Switzerland has ended.
- India will overtake Germany to become the world’s fourth largest economy in 2026.
- India will become the third country with a GDP of $10 trillion by 2035.
The annual meeting of World Economic Forum 2023 in Davos, Switzerland ended on Friday i.e. January 20, 2023. Climate, war and economic issues were discussed in depth in this meeting which lasted for five days. This time India has shown its potential at the World Economic Forum.
In the year 2023, as a global recession is likely. The country expects the best performance from any major economy. According to a report, the World Bank is projecting growth of 6.6 percent compared to just 0.5 percent for the US and 4.3 percent for China. If India maintains its momentum, India will overtake Germany as the world’s fourth largest economy in 2026.
It will overtake Japan for third place in 2032 and become only the third country with a GDP of $10 trillion by 2035. India’s economy currently stands at around $3.5 trillion, making it the fifth largest economy in the world. Klaus Schwab, Founder and Executive Chairman, WEF said India is a bright spot in a divided world. He said that India is emerging as an important pillar in the global system.
In which hundreds of leaders of India participated.
The five-day meeting was attended by around 100 Indian leaders, including four Union Ministers and a Chief Minister. In his closing remarks, WEF President Børge Brendt said it had been a remarkable week with significant progress on the climate front and the development equity goals.
Several Heads of State or Government participated in the session which started on Monday and addressed various sessions. Apart from this, a large number of leaders from politics, industry, academia and civil society discussed various issues. The theme of this meeting was ‘Cooperation in a Divided World’. The world may fall apart today, but hopefully not tomorrow, Brand said. IMF Managing Director Kristalina Georgieva said during the closing session that her message to world leaders was one of pragmatism and cooperation.
Global GDP may decline by 7 percent.
International Monetary Fund (IMF) chief Kristalina Georgieva on Friday called on the international community to adopt a pragmatic and cooperative approach, saying that the division would result in a significant increase in global GDP (gross domestic product). A decrease of up to seven percent may occur. Addressing a session on the last day of the 53rd session of the World Economic Forum here, Georgieva said that if we do not unite now, we will face major threats to the economy and welfare of the people.
Looking at medium-term growth prospects, the way we address supply chain issues will determine our growth prospects, he added. “My message to the world is that we should be pragmatic and cooperative,” he said. Asked about the prospects for an improvement in the global economic outlook, the IMF chief said, “Last year we revised our growth estimates three times and for now no further cuts are good news. ” The labor market situation needs serious attention in time.